Finastra has added a bitcoin wallet app for banks and credit unions to its FusionStore.
Financial institutions that select the Allied App will not have to transact in bitcoin or hold it on their balance sheet. The wallet is capable of consolidating bitcoin transactions, digital payments, and account balances into one location.
Developed and launched by Allied Payment Network, the app was built on Finastra’s open developer platform to enable financial institutions to offer their customers and members the ability to buy, sell and hold bitcoin via a compliant, secure, and turnkey platform.
Ralph Marcuccilli, Chief Executive Officer at Allied, commented: “Allied’s primary focus is to make it easier for financial institutions to provide value-based technology that differentiates them in the marketplace, attracts new depositors, retains through high engagement, and generates revenue. Providing access to bitcoin does just that and is a game-changer for many community institutions.”
Vincent Pugliese, SVP and General Manager, Platform at Finastra, said: “Bitcoin adoption has increased dramatically over the past 10 years, and financial institutions need to be able to service their customers across currency classes. Finastra is excited to launch the first bitcoin wallet in its app store with Allied Payment Network. Through Finastra’s FusionStore, financial institutions are able to access innovation and claim a leadership position regarding the latest banking trends and technologies.”
By giving their customers the ability to buy, sell and hold bitcoin, financial institutions can attract new accountholders, better serve existing ones and create a new source of potential non-interest income.
The service was created by Allied in partnership with NYDIG. Allied claims to be the first bill pay provider in the industry to embed this service into a payment platform and offer it to financial institutions.
Allied Bitcoin Wallet’s page on the Finastra Marketplace enumerated the several benefits of its service.
Offering bitcoin helps attract new account holders and retain existing
Bitcoin offers FIs a new source of potential non-interest income
Positions your institution as a leader in digital and payments innovation
Platform launches quickly and scales efficiently
Key Benefits to End-User:
Allied Bitcoin Wallet offers a secure, regulated and compliant alternative to transacting with unregulated bitcoin entities
Platform consolidates bitcoin transactions/balances, digital payments and account balances into one easy-to-access location for enhanced financial management