Financial Institutions Can Now Provide Consumers Easy Access to Bitcoin via Fiserv and NYDIG

Rhea-AI Summary

Fiserv (NASDAQ: FISV) has partnered with NYDIG to enable consumers to manage bitcoin transactions through their financial institutions' banking platforms. This integration allows banks and credit unions to offer services that let customers buy, sell, and hold bitcoin, aiming to meet the rising demand for cryptocurrency services. First Foundation Bank is among the financial institutions already implementing these capabilities. The partnership is seen as a strategic move to enhance customer engagement and generate non-interest income opportunities.

Positive

• Partnership with NYDIG enhances cryptocurrency offerings for banks and credit unions.
• Gives Fiserv clients an opportunity to increase non-interest income through bitcoin services.
• First Foundation Bank is already integrating these capabilities.

Negative

• None.

Financial institutions of all sizes now can enable consumers to buy, sell and hold bitcoin through their bank accounts via an integration between Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, and NYDIG, a leading bitcoin technology and financial services company. This 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.

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 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,” said Byron Vielehr, chief digital and data officer at Fiserv. “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.”

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

“Digital assets have caught the eye of consumers and investors,” said Scott F. Kavanaugh CEO of First Foundation Inc. (NASDAQ: FFWM). “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.”

In addition to enabling banks to allow their consumer customers to buy, sell and hold bitcoin alongside their bank accounts, Fiserv and NYDIG are 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,” said Robert Gutmann, co-founder and CEO of NYDIG. “We look forward to fulfilling our mission of expanding consumer access to bitcoin through their trusted financial institutions with Fiserv.”

In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.

Additional Resources:

• Cryptocurrency Solutions from Fiserv –fisv.co/crypto

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover^® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500^® Index and the FORTUNE^® 500, and is among the FORTUNE World’s Most Admired Companies^®. Visit fiserv.com and follow on social media for more information and the latest company news.

About NYDIG

NYDIG provides Bitcoin technology and financial services solutions to banks, insurers, corporations, and institutions. The firm and its products meet the industry’s highest regulatory, audit, and governance standards. Learn more at nydig.com, or connect on LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005650/en/

FAQ

What is the significance of Fiserv's partnership with NYDIG?

The partnership allows banks to offer bitcoin transaction capabilities, enhancing customer engagement and generating additional revenue.

How does Fiserv plan to implement bitcoin services for its clients?

Fiserv will enable banks and credit unions to integrate bitcoin buying, selling, and holding directly within their banking portals.

Which financial institution is already working with Fiserv and NYDIG?

First Foundation Bank is currently integrating the bitcoin transaction capabilities offered by Fiserv and NYDIG.

What benefits does the bitcoin integration provide to consumers?

Consumers can seamlessly manage bitcoin transactions alongside their traditional banking activities, enhancing convenience and trust.