FIS announced the launch of its Banking-as-a-Service Hub, enabling banks, credit unions, and fintechs to build digital banking and payments ecosystems. It specializes in enabling business functions that give banks, fintechs, and corporations across any industry the ability to rapidly configure new financial services offerings.
By delivering banking and payments products in an “as-a-service” fashion, institutions can pressure test rapid innovation with a low-risk “pay-as-you-grow” model.
“The FIS BaaS Hub levels the playing field between big and small financial institutions by providing all consumers with unbundled FIS and fintech solutions that can be easily embedded into any digital channel,” says Rob Lee, president of FIS Impact Ventures at FIS, in a statement. “The Hub was created to be a gateway to innovation and a bridge to better partnerships between banks, retailers, and fintechs.”
In a separate announcement, FIS announced it has teamed with Fireblocks to accelerate crypto adoption within the capital markets industry by enabling firms of all types to access the largest crypto trading venues, liquidity providers, lending desks and decentralized finance (DeFi) applications.
Tapping the Fireblocks platform, FIS capital markets clients can move, store and issue digital assets, and gain access to self-custody digital asset wallet technology, an asset transfer network and tools to access staking, DeFi and other more advanced forms of digital asset exposure.
“As digital currencies become more mainstream, capital markets firms will greatly benefit from a single destination that helps them manage many classes of digital assets,” said Nasser Khodri, head of Capital Markets at FIS, in a statement. “This exciting new agreement is a proof point of our commitment to invest in growing our digital asset capabilities for our global client base.”
“The strategic partnership with FIS will bring the Fireblocks technology to nearly every type of buy-side, sell-side and corporate institution in traditional assets,” said Michael Shaulov, Fireblocks’ CEO, in a statement. “Together, we will enable a quick way for existing and prospective FIS clients to onboard their digital asset operations and begin tapping into these fast-growing markets.”
FIS continues to expand its portfolio of crypto and digital asset offerings for clients across multiple markets, including card-to-crypto and other money movement services for 4 of the top 5 cryptocurrency exchanges. The company also recently announced new crypto regulation capabilities.