Allied Payment Network and Finastra are joining hands to create a new product known as the Allied Bitcoin Wallet, which will be available to customers of both platforms through the Finastra Fusion Store.
Allied and Finastra… The Perfect Match?
Created by Allied – and with assistance from the NYDIG – the product is built primarily for financial institutions who are looking to enter the crypto space. Standard banks and similar establishments will be able to use the wallet system to hold their customers’ digital funds. It will also allow them to offer individuals the opportunity to trade, buy, sell, and exchange some of the world’s most popular digital assets such as bitcoin and Ethereum. All crypto-related activity will be processed and overseen through a compliant regulatory system designed to keep customers – and their money – safe and sound.
This is the first time a company like Allied – which works predominantly in bill-paying services – has offered such a product to standard banks. Allied has made a name for itself in the crypto industry by allowing individuals to utilize bitcoin to pay for things like internet bills, small business loans, and other items that typically only accept credit card or fiat payments.
CEO and founder of the firm Ralph Marcuccilli stated in a recent interview:
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 gamechanger for many community institutions.
The Allied Bitcoin Wallet will be built using Finastra’s technology. The wallet will be able to consolidate bitcoin transactions, account balances, and digital payments into a single location, thereby allowing users to gain access to their crypto and oversee all their trades and activity through a single access portal. This lessens the need for excess login data and makes the process considerably easier and less vulnerable to malicious actors.
The main purpose of the wallet is for standard banking institutions to open their minds to what many analysts and experts agree is a growing financial space that is attracting customers by the thousands. Many assert that if these institutions do not acknowledge the growing presence of crypto, they are likely to miss out on potential business, and their customers may pick up and find what they’re looking for elsewhere.
People Are More Open to Crypto Lately
Vincent Pugliese – SVP and general manager of Finastra – stated:
Bitcoin adoption has increased dramatically over the past ten 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 Fusion Store, financial institutions are able to access innovation and claim a leadership position regarding the latest banking trends and technologies.