Financial service technology provider FIS has announced an industry-first solution that enables banks to offer their customers the ability to buy, sell, and hold bitcoin via their bank accounts.
Currently, to acquire bitcoin, consumers and corporations must establish new accounts, often with unregulated entities, and go outside of their traditional banking relationships. The new solution leverages 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.
“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. Unlocking these capabilities for financial institutions of all sizes levels the playing field for banking with bitcoin and can drive further innovation,” said Rob Lee, head of Global Core Banking and Channels, FIS.
The secure custodial and trading platform for managing the bitcoin transactions will be provided by NYDIG, bitcoin-focused financial services and technology provider, under a recently signed agreement with FIS. Besides the commercial agreement, FIS Ventures, has made an investment in NYDIG for an undisclosed amount.
“While bitcoin adoption is increasing, an accessibility and credibility gap remains for too many who want to buy, sell and hold. Our partnership with FIS, and their core banking clients, bridges this gap. Working with an innovative leader like FIS on this integration will usher in a new age of financial freedom, choice, and trust for consumers with their existing banks. We welcome FIS as an investor and we are deeply excited about how our partnership can elevate banks across the country,” said Robert Gutmann, co-founder and CEO of NYDIG.
Established in 1968, FIS is a provider of technology solutions for merchants, banks, and capital markets firms globally. It is a Fortune 500 company and is a member of Standard & Poor’s 500 Index. Once FIs enables this solution, their customers will be able to view and manage bitcoin holdings alongside their traditional accounts in a single view.