Renaissance Group of Moscow is using core processing technology from Fidelity National Information Services Inc. to manage its consumer lending operations.
Fidelity National, of Jacksonville, Fla., announced Wednesday that Renaissance has installed its FIS Profile software at its Renaissance Credit unit.
Renaissance said it had to upgrade its core system to keep pace with the expansion of Russia's consumer credit market. It said it selected the Fidelity National application because it could scale as Renaissance's business grows.
Renaissance Credit offers installment loans, credit cards, and auto loans throughout Russia.
Fidelity National said this is its first implementation of Profile in Russia and that it expects to attract other customers there.
"The Russian banking industry is very different to other European markets," Mark Davey, the managing director of Fidelity National's Europe, Middle East, and Africa unit, said in a press release. "Its regulatory reporting make-up is extremely complex and multifaceted and Renaissance Credit needed a system that would fully comply with Russian accounting and reporting demands. Many traditional banking software vendors have found these requirements extremely challenging."