NetSol Technologies, Inc. (NasdaqSC:NTWK), and Fiserv, Inc. (NasdaqNM:FISV) today announced an agreement between their respective wholly owned subsidiaries, CQ Systems and Fiserv CBS Worldwide, to market CQ Systems' Enterprise suite of installment credit solutions on a worldwide basis. CQ Systems' portfolio, developed for the motor finance, asset finance and premium finance market sectors, will comprise part of Fiserv CBS Worldwide's integrated consumer finance solution. The Fiserv CBS Worldwide solution includes CBS Aperio consumer interaction management software, core revolving credit processing, dealer management and the company's business intelligence framework. Fiserv CBS Worldwide solutions are used by retail financial services clients in 42 countries. CQ's Enterprise suite will initially be marketed by Fiserv CBS Worldwide in Europe, Asia-Pacific, Latin America, Caribbean and Canada.
"Consumer Finance is one of the fastest growing financial services segments in both the European and Asia-Pacific regions," said Peter Keane, Vice President of Consumer Finance, Fiserv CBS Worldwide. "The alliance with CQ Systems is key to our strategic growth plans, as it extends our reach into asset finance, rounds out our product and service offerings, and increases our appeal to small, medium and large-scale businesses. After an extensive market analysis, we ultimately selected CQ Systems because they offered the widest breadth of solutions, a strong track record in automotive, commercial and premium financing, along with a company culture that closely matched our own."
According to Andy Elliott, CQ Systems Managing Director, "The clear and positive synergy between Fiserv CBS Worldwide and CQ Systems, along with an increasing global demand for our finance solutions, represents an opportunity to deliver significant benefits to our joint clients and enhance our global market position within the NetSol group." He continued by stating that, "Fiserv's selection of CQ as a strategic partner demonstrates our leadership position in the installment credit finance market, as well as the quality of our Enterprise solutions. We look forward to working closely with the Fiserv team to continue bringing market leading solutions and outstanding service to our customers."