Can a modern financial institution manage all of its multifarious payment and banking capabilities on a single digital platform? That’s what fintech standout FIS claims it is ready to do with the recent launch of its Banking-as-a-Service (BaaS) hub at the beginning of April.
According to the firm’s press release, its next-generation BaaS hub facilitates high-information decision making while minimizing risk for financial institutions. It has touted the benefits of BaaS as a means of reducing the advantage that larger financial institutions have over smaller competitors, leveling the playing field in a way that will boost innovation.
As might be expected for a forward-thinking fintech, the firm’s BaaS Hub will go beyond traditional deposit and money-moving services to enable easier trading and investment in crypto and other novel financial tools. “Companies will no longer be constrained by payment service providers offering a fiat-only ecosystem and can instead leverage an innovative adoption of crypto payment rails to directly receive, hold, and transfer stablecoins in a fast and efficient manner,” boasted the firm in a recent announcement regarding the addition of USD Coin payment tech to its platforms.