JACKSONVILLE, Fla., April 29, 2013 − Continuing to expand its solution coverage for underserved consumers, FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, today announced its new risk assessment account origination offering, ChexAdvisor™. This new solution, offered by Chex Systems Inc., a wholly owned subsidiary of FIS, is powered by DebitBureau®, a proprietary ChexSystems® database. Providing real-time functionality, ChexAdvisor empowers underwriters with new and enriched information intelligence to strengthen risk mitigation.
Data is readily available on consumers that have traditional credit and banking history; however, locating information on the 60 million financially underserved consumers within the U.S. can be more challenging. ChexAdvisor allows financial institutions and non-traditional lenders to open more accounts while mitigating risk, helping to better bridge the data gap on underserved U.S. consumers. This advancement generates new data for all ChexSystems products and users and further expands access to the financial services market for the underserved consumer population.
ChexAdvisor delivers a robust suite of 300 distinct attributes along with a risk score, via Web services. Information can be utilized independently or as a complement with other data to enhance the overall lending outcome decision.
The solution supports the account opening needs of multiple markets including automotive, credit card, installment, payday, secured loan and utilities, whose business objectives rely upon quick and accurate intelligence.
“Effectively managing risk, fraud and compliance is the cornerstone of profitable new growth for any financial services firm. Better decisions based on improved data and analytics greatly impact consumers, organizations and the economy in a positive fashion,” said Marty Romain, senior vice president and general manager of Risk, Fraud and Compliance at FIS. “FIS continues to expand and evolve its fundamental principles of data sharing across the 8,500 ChexSystems network members as well as advocate data contribution for all consumer segments. This fundamental practice of reciprocation allows the development of new, robust offerings, enabling financial institutions and lenders to make better decisions and advocate consumer financial responsibility. The introduction of ChexAdvisor is a proof point of our focus in this area.”
DebitBureau is comprised of approximately 250 million consumer records, offering unique coverage on those traditional credit-thin files and no-hit populations.
FIS (NYSE: FIS) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 35,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
For More Information:
Kim Snider, Vice President, FIS Global Marketing and Communications
Phone: 904.438.6278, Email: firstname.lastname@example.org
Mary Waggoner, SVP, FIS Investor Relations
Phone: 904.438.6282, Email: email@example.com