FIS launches innovative data ecosystem Ethos

Financial services technology provider FIS (NYSE:FIS) today announces the launch of Ethos an innovative 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.

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.

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.