First Data Resources has licensed software meant to help it expand its processing capabilities beyond credit cards into other types of consumer loans, the company has announced.
The First Data Corp. subsidiary said Tuesday that it had agreed with SuperSolutions of Eden Prairie, Minn., for software called Daybreak -- the Big Picture. The deal includes a minority equity investment in SuperSolutions by First Data. The Daybreak software is a data base management system that First Data plans to use to handle processing for consumer loans related to automobiles, recreational vehicles, boats, motorcycles, home improvement, and specialty finance. SuperSolutions is to add line-of-credit and home equity loan functions to its software, allowing full integration of a variety of loan portfolios, according to First Data.
"Combining a unique consumer lending application with our card processing expertise is a natural step for us to take as lenders look for a one-stop solution for their loan servicing needs," said David P. Bailis, executive vice president of First Data Corp. and head of its worldwide card-issuing operation.