Allied Payment Network brings bitcoin wallet to banks and credit unions

By Edlyn Cardoza

Allied Payment Network and Finastra, recently announced Allied Bitcoin Wallet, a new app to be launched on Finastra’s FusionStore. The service, created by Allied, in partnership with NYDIG, will enable financial institutions to offer their customers and members the ability to buy, sell and hold bitcoin via a compliant, secure, and turnkey platform. Allied is the first bill pay provider in the industry to embed this service into a payment platform and offer it to financial institutions.

“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.”

Allied Bitcoin Wallet—built on Finastra’s open developer platform, FusionFabric.cloud—will consolidate bitcoin transactions, digital payments and account balances into one easy-to-access location for enhanced financial management. The financial institution will not have to hold bitcoin on balance sheet or transact in bitcoin to offer this service. However, 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.

Vincent Pugliese, SVP and General Manager, Platform, 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.”

Allied Payment Network is a provider of emerging digital payments technologies to the financial services industries. Allied’s innovative suite of online and mobile bill pay channels include solutions for Internet bill pay, small business payments, person-to-person, account-to-account, online loan payments and bitcoin, among others.

Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses, and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed, and consumed in financial services to evolve with the changing needs of customers.