Financial technology company FIS on Tuesday (April 12) unveiled its Banking-as-a-Service (BaaS) hub, a tool that the company says provides “a comprehensive suite of banking and payment capabilities for institutions of all sizes.” .
As FIS stated in a press release, the hub enables functions that give banks, FinTechs and businesses across all industries the ability to “quickly configure new financial services offerings.” Providing banking and payment products on an “as-a-service” basis allows these institutions to test rapid innovation with a low-risk pay-as-you-grow model.
Additionally, the hub enables “as a service” features for customers, including accounts, cards, and money movement. FIS said customers can take advantage of the services as packages, starting with deposit banking, financial wellness and money transfer, with more to come.
“The FIS BaaS Hub levels the playing field between large and small financial institutions by providing all consumers with unbundled FIS and fintech solutions that can be easily integrated into any digital channel,” said Rob Lee, President of FIS Impact Ventures at FIS. “The Hub was created to be a gateway to innovation and a bridge to better partnerships between banks, retailers and fintechs.”
The company said the BaaS market is expected to exceed $25 billion by 2026, with integrated finance FinTech segments expected to reach $230 billion in new revenue volume by 2025. FIS also said it expects launch new features and capabilities to the Hub in the future. that will serve this market.
The launch of the hub comes a week after FIS announced that its Worldpay business would be the first global acquirer to allow merchants to receive settlements in USD Coin (USDC).
See also: FIS and Circle Partner to Offer USDC Acceptance
FIS has made this possible through a partnership with Circle, the sole issuer of USDC, allowing crypto-native and traditional businesses to build settlement and treasury strategies that adhere to their preferred currency for doing business.
“Companies will no longer be constrained by payment service providers offering a fiat-only ecosystem and can instead leverage innovative adoption of crypto payment rails to directly receive, hold and transfer stablecoins in a fast and efficient manner. effective,” FIS said at the time. . “Crypto.com, the world’s fastest growing cryptocurrency platform, will act as a pilot customer for Worldpay’s proposed USDC settlement proposal.”