FIS has announced its partnership with Circle to unlock stablecoin money movement functionality for financial institution customers.
Following this announcement, the collaboration launched following the new US stablecoin legislation that enables digital assets to become more integrated with traditional finance in the region.
In addition, it also represents a part of FIS’s broader strategy to support digital assets and currencies, as well as the company’s commitment to introducing optimised technology solutions to clients across the money lifecycle. FIS and Circle are expected to enable US financial institutions to offer their customers the option to make domestic and cross-border stablecoin payments in USDC. In addition, by being issued through Circle’s regulated affiliates, USDC is a fully-reserved payment stablecoin that is set to be redeemable 1:1 for US dollars.
More information on the FIS x Circle partnership
According to the official press release, FIS’s recently launched Money Movement Hub is the first FIS solution to integrate with Circle, making USDC payment functionality available to a wide range of institutions and companies. The Money Movement Hub was developed in order to give financial institutions the possibility to connect to multiple payment networks, encompassing a range of payment types, in one place. At the same time, FIS is expected to integrate its real-time payments and optimised fraud detection solutions with Circle’s blockchain-native infrastructure, providing a scalable and secure way for financial institution customers to adopt digital assets.
Furthermore, by providing businesses with direct access to USDC functionality within a regulated and compliant framework, the process will enable them to offer customers an optimised choice in payment methods. In addition, it will also help them to incorporate improved technology to reduce the complexity and costs associated with making payments, enabling funds to flow with optimised speed, accuracy, and security throughout the money lifecycle.
