The FinTech company FIS said it can provide banks with an “industry-first solution” to give customers the ability to buy, sell and hold bitcoin using their bank accounts.
“Currently, consumers and corporations must establish new accounts, often with unregulated entities, and go outside of their traditional banking relationships to acquire bitcoin,” FIS said in a news release on Wednesday (May 5). “The new solution taps into the advanced functionality of the FIS Digital One Mobile solution to allow banks to provide bitcoin services via a seamless, easy-to-use digital experience, enabling them to drive fee income and better attract and retain customers.”
NYDIG, a bitcoin-focused financial services and technology provider, will oversee the platform for managing bitcoin transactions under an agreement with FIS. FIS said it has made an investment in NYDIG, but did not disclose the amount.
Last year, FIS and NYDIG collaborated with Quontic Bank of New York to make Quontic the first FDIC-insured financial institution (FI) in the country to offer a bitcoin rewards debit card. “As demand for bitcoin as a store of value continues to grow, FIS is focused on enabling our core banking clients to respond to growing market demand and better serve their customers,” said Rob Lee, head of global core banking and channels, FIS. “Unlocking these capabilities for financial institutions of all sizes levels the playing field for banking with bitcoin and can drive further innovation.”
Once a bank adopts the FIS solution, its customers will be able to manage their bitcoin holdings along with their other accounts.
For a deeper look at how bitcoin and other cryptocurrencies are moving into the mainstream, read PYMNTS’ report from earlier this year. And to get FIS’ perspective on another side of digital banking, check out Karen Webster’s interview with Vice President Dan Brames on the rise of mobile wallets.
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