Retirement recordkeeping is consolidating fast, and modern, cloud-native architecture is increasingly distinguishing the providers positioned to compete and grow from those held back by legacy infrastructure. FIS® (NYSE: FIS), a global leader in financial technology, is aiming to provide a path forward with the latest version of the FIS Retirement Platform (FRP), now built on a modern, cloud-native architecture and available to retirement plan providers and third-party administrators of all sizes.
SECURE 2.0, the landmark 2022 retirement savings legislation, is requiring retirement plan providers to support new plan designs at a pace that can be challenging for legacy infrastructure to sustain: mandatory automatic enrollment, pension-linked emergency savings accounts, student loan repayment matching, and expanded eligibility for part-time workers. Each requires recordkeeping systems to configure, test, and administer new functionality quickly and accurately. The FIS Retirement Platform is designed to provide plan sponsors and third-party administrators (TPAs) with a modern, cloud-native foundation to help address these requirements.
FIS built the FIS Retirement Platform to help turn retirement data into actionable intelligence across every layer of the platform, building intelligence into the FIS Retirement Platform’s foundation so that it flows through participant engagement, back-office operations, and provider decision-making alike. The FIS Retirement Platform roadmap currently includes:
- Personalized participant guidance: Providers will be able to deliver tailored engagement across the retirement journey, helping participants make better-informed savings decisions.
- Intelligent back-office automation: Administrators will be able to automate manual workflows, helping reduce operational burden and improving accuracy.
- Plan health analytics: Providers will be able to surface risks and opportunities earlier, helping protect plan health and participant retirement outcomes.
“For decades, innovation in retirement recordkeeping was measured by how fast you could run the batch. This release is designed to move beyond that model and change that: it is a modern, cloud-native platform that analyzes plan data in real time and turns it into intelligence providers can act on, so the money participants are setting aside for retirement can be managed more actively and more intelligently,” said Will Hicks, Head of Retirement, FIS. “This is a foundation designed to help the retirement industry move forward, and FIS built it.”
The FIS Retirement Platform is available now to retirement plan providers and third-party administrators. To learn more, contact your FIS representative or visit FISglobal.com.
About FIS
FIS is a financial technology company providing solutions to financial institutions and businesses. We unlock financial technology to the world across the money lifecycle underpinning the world’s financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow, and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index.
FIS® and any associated brand names/logos are the trademarks of FIS and/or its affiliates. All other trademarks are the property of their respective owners.
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