JACKSONVILLE, Fla. – The world's largest credit union, Navy Federal, has started utilizing Fidelity National Information Services' new collection module. FIS, a subsidiary of Fidelity National Financial, Inc., stormed on the credit union scene a few years ago with the acquisition of credit union data processor Aurum Technology. Since, it has rolled out a number of ancillary tech products aimed at the credit union market. Navy is utilizing FIS' Magnifide MSP: Collections, one of the modules of Magnifide MSP, FIS's next generation mortgage servicing system. Navy Federal is the first financial institution to implement the collections module. Navy believes the product will help it find cost savings in serving delinquent accounts and decrease losses and penalties from disclosures.
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