FIS Launches Ethos Data Ecosystem Unlocking Data Insights
July 09 2020 - 8:00AM
Business Wire
Key facts
- Ethos is an innovative data ecosystem that will support every
aspect of data management, products and solutions for financial
institutions.
- Ethos products will provide data insights and unified views of
a client’s data across multiple channels.
FIS® (NYSE: FIS) today announced Ethos, an innovative new data
ecosystem that gives clients the benefit of a unified view of data
across their entire enterprise. Through a single point of access,
clients will see data from across multiple channels using fully
integrated tools that power data-driven insights and actions. Among
its capabilities, Ethos will help financial institutions automate
reporting, reduce operational costs, and mitigate risk while
streamlining the lending process.
An institution’s data portfolio is often segmented across
channels, such as credit, debit, fraud, core and loyalty. The Ethos
ecosystem unifies and maintains those data assets in a single
platform environment which will be accessed simply via a
user-friendly portal for application and analysis.
“Our goal with Ethos is to turn data into highly-refined and
actionable intelligence for our partners,” said Bob Legters, Chief
Data Officer, FIS. “With real-time data feeds, advanced analytics
and improved modeling, financial institutions will not only see
better outcomes from risk assessment and reporting, but also can
expect reduced operational overhead and streamlined processes.”
The first tools within the Ethos platform include Current
Expected Credit Losses (CECL) View and Tax Intelligence. Ethos CECL
View helps financial institutions fulfill the new financial
reporting requirements introduced by the CECL regulations, whose
standards require institutions to estimate their credit losses over
the life of their loans and book the losses upfront. CECL View
enables financial institutions to seamlessly perform this
predictive modeling on an outsourced basis.
“Ethos CECL View is an affordable, turnkey solution that gives
financial institutions assurance that their forecasts are
compliant, while preventing the severe costs that come with the
significant operational lift required to prepare for CECL,” Legters
said. “Additionally, in volatile times like we are in right now due
to the COVID-19 pandemic, knowing where an institution stands with
regard to expected credit loss is critical to staying competitive
in the market.”
Also within Ethos, Tax Intelligence enhances lenders’
underwriting efforts by providing real-time identity verifications
and one touch requests for income verifications, tax returns, IRS
account status, payment and lien information, and other data
critical to evaluating loan-related risks. Currently, IRS tax
record acquisition is onerous and can take days to complete,
whereas with Tax Intelligence, financial institutions can access a
full history of records, receive summary reports, request real time
updates and alerts, all via an intuitive web portal, offering a
broader view into loan-associated risk.
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our more than 55,000
people are dedicated to advancing the way the world pays, banks and
invests by applying our scale, deep expertise and data-driven
insights. We help our clients use technology in innovative ways to
solve business-critical challenges and deliver superior experiences
for their customers. Headquartered in Jacksonville, Florida, FIS is
a Fortune 500® company and is a member of Standard & Poor’s
500® Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20200709005045/en/
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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