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FIS buys Gifts Software

08 February 2011  |  7887 views  |  0 handshake

FIS has acquired Gifts Software, a provider of funds transfer, cash management and anti-money laundering (AML) technology. Financial terms of the deal were not disclosed.

Founded in 1995, New York-based Gifts claims over 70 banks - including BBVA, China Merchants Bank and National Bank of Canada - as clients.

FIS says its acquisition is a strategic move to meet the growing demand for cash management and international services among small and mid-sized financial institutions.

The deal enables it to offer a fully integrated, licensed or ASP real-time wire transfer system. The licensed system has been deployed in conjunction with a number of FIS' core products while the ASP option is already integrated with the IBS core banking platform.

Anthony Jabbour, EVP, FIS Financial Solutions Group, says: "In today's global economy, the need to provide AML, cash management and international services isn't limited to the world's largest institutions."

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