FIS is partnering with Cashforce to bring best-of-breed cash forecasting abilities to its FIS Treasury and Risk Manager system.
The new FIS Cash Forecasting with Cashforce product will feed forecast data into both the 'Integrity' Saas version of Treasury and Risk Manager and the 'Quantum' on-premise solution.
The deal represents a significant win for Cashforce, opening up a substantial customer base of existing FIS Quantum and Integrity users. FIS has been a growing player in treasury management systems (TMS) since it acquired SunGard, along with its AvantGard product, in 2015. Market monitoring company HG Insights currently tracks 788 firms using Quantum in the US alone.
Cashforce is a leading player in the fast-growing market for 'best-of-breed' solutions that tackle specific treasury tasks rather than attempting to offer a full TMS in one box. Its cash forceasting product has featured in several Treasury Dragons pitch sessions and it recently stressed its working capital credentials by exhibiting at Working Capital Forum London (left) alongside existing working capital platforms such as C2FO and Taulia.
For FIS, the deal adds a little of the 'magic dust' of best-of-breed to its existing product. 'We wanted to find a partner that could complement our treasury management solutions with an AI-driven cash forecasting solution to help solve our clients’ forecasting challenges. I am happy to say Cashforce is that partner,' said Steve Evans, senior vice president, Product Management, Corporate Liquidity and Insurance at FIS. 'And because the solution is SaaS-based, it is easy to implement and maintain – enabling treasury departments to focus on running their treasury operation.'
Read the official press release here
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