Fiserv and NYDIG partner to enable FIs make Bitcoin transactions within their digital banking platforms

By Pavithra R

Fiserv, a leading global provider of financial services technology solutions, has announced partnering with NYDIG, a leading bitcoin technology and financial services company, to empower Financial institutions of all sizes to enable consumers to buy, sell and hold bitcoin through their bank accounts.

The partnership will enable banks and credit unions to meet growing mainstream interest in bitcoin, retain and grow their customer base, and increase non-interest income opportunities. As an extension of the Fiserv commitment to open banking technology, the integration with NYDIG will allow consumers to manage bitcoin transactions directly within their financial institution’s online and mobile banking portals, providing users with an easy way to buy, sell and hold the popular digital asset through their trusted financial institutions.

“Interest in cryptocurrency, and particularly bitcoin, has skyrocketed over the past several years, to the point that bitcoin investing is now a commonplace activity. People continue to turn to financial institutions as a central place to manage their financial activity, and being able to offer this capability will help position banks and credit unions at the forefront of their customers’ financial lives,” said Byron Vielehr, chief digital and data officer at Fiserv.

California based First Foundation Bank is working with Fiserv and NYDIG to bring these capabilities to market.

“Digital assets have caught the eye of consumers and investors. If our industry is truly committed to innovation and the financial future of our clients, we need to lead in this area and help create a secure and trusted platform for using bitcoin for everyday financial matters,” said Scott F. Kavanaugh, CEO of First Foundation Inc.

Besides enabling banks to allow their consumer customers to transact in bitcoin alongside their bank accounts, Fiserv and NYDIG are also working toward implementing additional functionality, including the ability for banks to implement bitcoin based rewards programs.

“Our partnership with Fiserv represents a leap forward in bringing integrated bitcoin transactions to institutions of all sizes, positioning them to meet growing demand and interest from their customers. We look forward to fulfilling our mission of expanding consumer access to bitcoin through their trusted financial institutions with Fiserv,” Robert Gutmann, co-founder and CEO of NYDIG.

Established in 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The Firm is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.