Fidelity National Information Services is working with Circle to enable USDC transaction

Fidelity National Information Services Inc. (FIS) revealed its collaboration with Circle Internet Group Inc. to integrate stablecoin-based transactions for banks and financial firms. FIS hopes to support US banks in enabling their customers to send local and international payments in Circle’s USDC. Himal Makwana, global head of corporate strategy at Jacksonville, Florida-based FIS, said it’s no longer a fringe thing this time — it’s bec oming foundational to all parts of financial services. He added that stablecoins are far more developed and focused on addressing real client challenges. FIS will incorporate USDC into its Money Movement Hub The FIS plans to add the USDC to its Money Movement Hub, a tool allowing banks to access a range of payment networks . According to the company, the service will be available before the year’s end. The financial leader will also link its real-time transaction and fraud detection services with Circle’s decentralized infrastructure to streamline the transition to digital assets. Jim Johnson, Co -Pre sident, Banking Solutions at FIS, said that their collaboration with Circle demonstrates their commitment to helping financial companies with solutions for innovative tools that speed up transactions, decrease costs, and beef up security. He added that it will also allow clients to offer flexible payment solutions while keeping compliant with regulations. This alliance opens up a broad market for Circle, granting potential reach to financial institutions connected through FIS, which processes $10 trillion worth of transactions annually. Kash Razzaghi, chief business officer at New York-based Circle, argued that this collaboration will enable the growth and distribution of USDC, largely due to FIS’s trusted standing with its customer base. Fiserv Inc. is launching a new stablecoin using Circle and Paxos infrastructure In addition to FIS, Fiserv also partnered with Circle. In June, Fiserv Inc. announced the launch of its stablecoin in collaboration with PayPal Holdings Inc. and Circle Internet Group Inc. According to the company, customers can access the FIUSD stablecoin by year-end. Fiserv currently serves 10,000 banks and six million merchant locations, giving it an immediate advantage in scaling adoption and rolling out new offerings. FIUSD’s design supports interaction with other stablecoins, leaving room for future collaborations beyond PayPal. It will be built on stablecoin frameworks from Paxos and Circle, and offered to clients through the Solana network. The company unveiled a new digital asset solution powered by its Finxact core banking platform, designed to enable financial institutions to manage and track stablecoin and deposit token transactions. It could also support wallet integration within current banking applications. Takis Georgakopoulos, chief operating officer at Fiserv, noted that a digital dollar alone has limited value unless it can be accessed through a bank account. He added that the initiative aims to help thousands of partner banks offer stablecoin wallets and accounts to their clients, including small institutions and credit unions in the US and globally. Fiserv is still exploring ways to support deposit tokens, aiming to give banks the benefits of stablecoins while maintaining regulatory compliance and preserving the capital benefits associated with traditional deposits. Georgakopoulos noted that it’s dangerous if a bank fails to adapt to the ongoing crypto trend, seeing that they may lose clients. Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites

Source: Cryptopolitan