Misys has acquired US-based loan management software provider Custom Credit Systems (CCS) to further enhance front-office lending capabilities.
With the acquisition, Misys aims to support the full lending workflow of its clients including origination, credit analysis and documentation as well as servicing and accounting in clients’ back office. With the move, Misys hopes it will be better able to service syndicated and high-volume commercial lending.
Misys software will work with that of CSS. Clients will now be able to license CCS’s flagship product, CustomLender, as a standalone product or as an integrated part of Misys FusionBanking Loan IQ. It gives clients the ability to configure work flow more easily, providing better loan origination capability. CSS’s loan origination engine, proven across multiple lending classes, will be immediately available to more than 2,000 Misys customers.
“This combined offering creates the industry’s most comprehensive front-to-back office commercial lending solution, with the broadest asset class coverage,” says Misys CEO, Nadeem Syed.
“CCS’s management team has exceptional domain knowledge and will enable us to accelerate FusionBanking Loan IQ’s footprint in commercial lending across the globe.”
Commenting on the acquisition, president and CEO of CCS, Brian Shaw, says: “The next two years could see up to 90% of banks integrating their credit and loan origination systems with servicing. As lenders transform their businesses, the combined offering of Misys and CCS will be a winning formula.”
CCS has 24 clients including some of the most recognised lenders in the US, such as Wells Fargo, Bank of America Merrill Lynch, US Bank, Comerica, Fifth Third Bank and Washington Federal.