Finastra and Bakkt announce plans to enable crypto trading

By Joy Dumasia

Finastra and Bakkt announced plans to make Bakkt’s digital marketplace and wallet available through Finastra’s open developer platform and app store, FusionFabric.cloud. Through the partnership, Bakkt, the trusted platform that enables consumers to buy, sell, store and spend a range of digital assets, including bitcoin, will be available to customers of community banks and credit unions as part of Finastra’s Fusion Digital Banking solution.

As the marketplace for digital assets continues to grow and evolve, Bakkt is empowering and strengthening a growing partner network to tap into the new opportunities for customer engagement and choice. Bakkt aims to help banks and merchants facilitate new customer experiences by leveraging digital platform solutions that deliver a frictionless customer journey while also providing access to new products and features.

Philip Taliaferro, Head of Fintech Ecosystem at Finastra, said: “Finastra’s clients are constantly seeking new and innovative experiences to drive engagement with their end consumers. Bakkt’s robust digital marketplace meets those demands by seamlessly integrating crypto, cash management, money transfer and wallet capabilities into Finastra’s FusionFabric.cloud platform and marketplace. Its modern user experience and API-enabled platform make Bakkt an attractive solution for financial institutions seeking an intuitive, tightly-integrated, low-risk solution to offer crypto services.”

Sheela Zemlin, Chief Revenue Officer at Bakkt, said: “Joining FusionFabric.cloud and the FusionStore marketplace will allow us to quickly and seamlessly introduce Finastra’s banking clients to cryptocurrency choices, in order to meet rising consumer demand. From its unique combination of innovative banking products to their deep customer relationships and overall digital experience, Finastra was a natural fit to help expand the reach of Bakkt’s digital asset ecosystem.”

Recently, IBS Intelligence reported that Finastra announced new instant onboarding capabilities for its Fusion Payments To Go solution. The move enables banks to access the benefits of Finastra’s SaaS solution at speed.