FIS, a financial technology company, has unveiled an industry-first solution that allows banks to allow their customers to purchase, sell, and keep bitcoin via their bank accounts. FIS is a global leader in providing technology to retailers, banks, and capital markets firms. Using our size, deep knowledge, and data-driven insights, our employees are committed to improving the way the world pays, banks, and invests. We assist our clients in using technology in novel ways to address business-critical problems and have outstanding customer experiences. FIS is a Fortune 500 organisation headquartered in Jacksonville, Florida, and a member of the Standard & Poor’s 500 Index. Insurers, banks, companies, institutions, and high-net-worth individuals use NYDIG’s Bitcoin technology and investment solutions. The company and its products adhere to the highest administrative, audit, and governance requirements in the industry. Consumers and businesses must currently open new accounts, mostly with unregulated individuals, and purchase bitcoin outside of their conventional banking relationships. The new solution uses the advanced features of the FIS Digital One Mobile solution to enable banks to provide bitcoin services through a seamless, easy-to-use digital experience, allowing them to increase fee income and improve customer satisfaction. Under a recently signed agreement with FIS, bitcoin-focused financial services and technology provider NYDIG will provide the stable custodial and trading platform for handling bitcoin transactions. FIS and NYDIG teamed up with Quontic Bank in late 2020 to make the New York-based digital bank the first FDIC-insured financial institution in the United States to launch a Bitcoin Reward for credit cards.
In addition to the commercial deal, FIS Ventures, the company’s venture arm, made an undisclosed investment in NYDIG. FIS’s head of global core banking and networks, Rob Lee, said, “As the market for bitcoin as a store of value rises, we’re focused on enabling our core banking clients to respond to growing consumer demand and better serve their customers. According to the paper, “enabling these capabilities for financial institutions of all sizes levels the playing field for bitcoin banking” and “can spur more innovation”. Customers will be able to access and monitor their bitcoin assets alongside their conventional accounts in a single view if a financial institution implements this approach. “While bitcoin adoption is growing, there is still an accessibility and legitimacy gap for too many people who want to purchase, sell, or keep bitcoin. This gap is bridged by our collaboration with FIS and their core banking clients,” said Robert Gutmann, co-founder and CEO of NYDIG. “Collaborating on this integration with a forward-thinking company like FIS would usher in a new era of financial independence, choice, and confidence for current bank customers. We are delighted to have FIS as an investor, and we are looking forward to seeing how our relationship will help banks across the country.”