FIS™
(NYSE: FIS), a global leader in financial services technology, today
announced that it has been named a category leader in a new Chartis
evaluation of vendors that provide solutions for the IFRS 17 reporting
standard.
Issued in May 2017 by the International Accounting Standards Board, the
IFRS 17 standard provides an expanded set of reporting and compliance
requirements for accounting of insurance contracts. The new standard,
which goes into effect at the beginning of 2022, requires insurers and
other organizations to make changes to their systems and processes for
reporting on insurance contracts.
In its first evaluation of IFRS 17 providers, “IFRS 17 Technology
Solutions, 2019: Market and Vendor Landscape,” Chartis placed FIS in the
“Category Leader” quadrant. FIS also ranked well in “Market Potential”
as well as “Completeness of Offering.”
“As the effective date for IFRS 17 implementation draws closer, we’re
experiencing an acceleration in activity,” says Rob Stubbs, Head of
Research at Chartis Research. “Firms like FIS are helping insurers
modernize their data management, systems and processes in order to be
able to meet the IFRS 17 requirements and improve operational
efficiency.”
“We are delighted to be ranked a category leader by Chartis in its IFRS
17 quadrant,” said Martin Boyd, head of Institutional and Wholesale, FIS
Global Financial Services. “This is testament to the strategic journey
we started five years ago to help the insurance industry implement the
new accounting standard in good time. By developing a single end-to-end
platform for IFRS 17, we’ve enabled insurers around the world to map a
fast, effective route to compliance that minimizes their costs.”
A leader in insurance reporting and compliance solutions, FIS is working
with a large number of insurers and other firms around the world to help
them implement the new IFRS 17 standard in advance of the 2022 deadline.
FIS is a global leader in financial services technology, with a focus on
retail and institutional banking, payments, asset and wealth management,
risk and compliance, and outsourcing solutions. Through the depth and
breadth of our solutions portfolio, global capabilities and domain
expertise, FIS serves more than 20,000 clients in over 130 countries.
Headquartered in Jacksonville, Fla., FIS employs more than 47,000 people
worldwide and holds leadership positions in payment processing,
financial software and banking solutions. Providing software, services
and outsourcing of the technology that empowers the financial world, FIS
is a Fortune 500 company and is a member of Standard & Poor’s 500®
Index. For more information about FIS, visit https://www.fisglobal.com/.
Follow FIS on Facebook (facebook.com/FIStoday),
LinkedIn (linkedin.com/company/fis)
and Twitter (@FISGlobal).
Chartis Research is the leading provider of research and analysis on the
global market for risk technology. It is part of Infopro Digital, which
owns market-leading brands such as Risk and WatersTechnology. Chartis’
goal is to support enterprises as they drive business performance
through improved risk management, corporate governance and compliance,
and to help clients make informed technology and business decisions by
providing in-depth analysis and actionable advice on virtually all
aspects of risk technology.
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