Finastra and Allied Payment Network introduce Allied Bitcoin Wallet, a new app available on Finastra's FusionStore.
FREMONT, CA: Finastra and Allied Payment Network (Allied) have introduced Allied Bitcoin Wallet, a new app available on Finastra's FusionStore. The solution, developed by Allied in collaboration with NYDIG, would allow financial institutions to provide the consumers and members with a compliant, safe, and complete platform for buying, selling and holding bitcoin. Allied is the industry's first bill pay provider to integrate the service into a payment platform and make it available to financial facilities.
"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," said Ralph Marcuccilli, Founder and CEO of Allied. "Providing access to bitcoin does just that and is a game-changer for many community institutions."
Fusion Fabric. cloud, an Allied Bitcoin Wallet developed on Finastra's open developer platform, will bring bitcoin transactions, digital payments, and account balances together in one convenient area for better financial management. The financial firm will not need to keep bitcoin on its balance sheet or deal in bitcoin to provide this service. On the other hand, financial companies can attract new accountholders, better serve current ones, and establish a new source of potential non-interest income by allowing their customers to purchase, sell, and keep bitcoin.
"Bitcoin adoption has increased dramatically over the past 10 years, and financial institutions need to be able to service their customers across currency classes," said Vincent Pugliese, SVP and General Manager, Platform, Finastra. "Finastra is excited to launch the first bitcoin wallet in its app store with Allied Payment Network. Through Finastras FusionStore, financial institutions are able to access innovation and claim a leadership position regarding the latest banking trends and technologies."
