NEW Bitcoin Wallet Options
Recently, Allied Payment Network introduced a wallet app designed to be used by banks and credit unions on Finastra’s FusionStore.
The new application is the resulting fruit from the collaboration between Allied and NYDIG. The gist behind this program is to provide a means through which customers and members are able to purchase, sell and hold bitcoin through a reliable and safe platform.
Allied takes the crown for being the very first bill pay provider to offer such a service, moreso, to make it available to financial institutions.
Making the announcement about the new product, Allied’s CEO, Ralph Marcuccilli, remarked that the firm’s primary objective was to work with financial institutions to create similar value-based technologies.
So how exactly will the Allied Bitcoin Wallet work? Well, the system, which is built on Finastra’s FusionFabric.cloud, will operate by merging digital payments, bitcoin transactions, and account balances into one area that’s readily accessible.
What this means is that the financial institutions won’t be forced to hold any bitcoin on its liability and asset statement. They also won’t have to carry out transactions in bitcoin to offer this service.
On their part, these banks and credit unions will benefit massively by attracting new customers. They will also be able to provide better services to their existing clientele as well as generate a new avenue for non-interest income.
Commenting on the issue, Vincent Pugliese, who is Finastra’s General Manager, said that the integration of Bitcoin into different financial systems has increased rapidly in the past decade.
As such, financial institutions should constantly look for ways that enable them to provide better services to their customers.