FIS will roll out new self-invested personal pension (SIPP) services in the UK, while Quai will benefit from FIS’ wealth management solutions
FIS to offer new pension services in UK. (Credit: Towfiqu barbhuiya on Unsplash)
US-based FIS Global has teamed up with UK-based investment and pension services provider Quai Digital to enhance its wealth management offering in the UK.
Under the partnership, the US-based financial technology company will roll out its new self-invested personal pension (SIPP) services.
Quai will benefit from the wealth management and service solutions from FIS, to boost its savings and investment business.
With the new retirement services, it is enabled to expand its offerings to wealth managers in the UK market, said FIS.
FIS Platform Securities head John Beeston said: “The UK is a world leader in wealth management with £1.3 trillion in assets under management, and with the advanced offerings from FIS, we’re poised to help these firms operate more efficiently.
“The FIS wealth platform offers a broad set of capabilities for wealth managers across the globe, and by adding such critical services like SIPP for our U.K. market, we are committed to becoming the provider of choice for wealth and retirement managers everywhere.”
FIS will serve Quai through its Platform Securities business, which has been authorised and regulated by the Financial Conduct Authority (FCA).
Platform Securities provides services as part of the company’s Wealth as a Service offering.
FIS Wealth as a Service is designed to handle portfolio management, order management, execution, clearing, custody administration and settlement, among other services.
The company said that its services can be modified and customised to suit the unique needs of different investment firms.
Quai Digital CEO Tony Webb said: “Partnership with FIS works very well for both parties and allows Quai to enhance its already market-leading infrastructure and services, which is why we sought a solution that we knew would carry us into the future.
“FIS will allow us to redouble our focus on our clients while we can trust the technology can meet our needs as we continue to grow our business and support the FIS expansion into Pensions.”
Earlier this year, FIS rolled out its Banking-as-a-Service Hub, which allows banks, credit unions, and fintechs to create digital banking and payments ecosystems.