The FIS Banking-as-a-Service Hub will enable business functions that allow banks, fintechs, and businesses to quickly configure new financial services offerings
The new hallows “as-a-service” features for customers including accounts, cards, and money movement. (Credit: Nattanan Kanchanaprat from Pixabay)
US-based financial technology firm FIS has launched its Banking-as-a-Service Hub, which allows banks, credit unions, and fintechs to create the digital banking and payments ecosystems to provide innovative solutions to merchants and consumers.
The new hub offers a full suite of banking and payments capabilities for institutions of all sizes to deliver embedded finance solutions for enhanced customer experiences.
It will help enable business functions that allow banks, fintechs, and businesses to quickly configure new financial services offerings.
FIS said that delivering banking and payments products in an “as-a-service” fashion will allow businesses to pressure test rapid innovation with a low-risk “pay-as-you-grow” model.
Additionally, the FIS Banking-as-a-Service Hub allows “as-a-service” features for customers including accounts, cards, and money movement.
The new hub will enable customers to use the services as packages, initially including deposit banking, financial wellness, and move money, along with future solutions that will be added to meet the changing market requirements.
This will help financial institutions and fintechs to leverage FIS’ banking and payments capabilities regardless of whether they use FIS products.
FIS Impact Ventures president Rob Lee said: “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.
“The hub was created to be a gateway to innovation and a bridge to better partnerships between banks, retailers, and fintechs.”
The US-based financial technology firm is planning to add new features and capabilities to the hub in the future that will help businesses of all sizes innovate faster, smarter, and more securely.
Earlier this month, FIS said that its Worldpay from FIS business will become the first global merchant acquirer to enable merchants to receive settlement directly in USD Coin (USDC), a fully reserved dollar digital currency.