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The collaboration will see FIS infrastructure solutions, including the FIS Money Movement Hub, integrated with Circle’s stablecoin functionality, the companies said in a Monday (July 28) press release.
This combination will enable U.S. financial institutions to enable their customers to make domestic and cross-border payments in USDC, according to the release.
“By providing our clients with direct access to USDC functionality within a regulated and compliant framework, they in turn will be able to offer their customers greater choice in payment methods than ever before,” Jim Johnson, co-president, banking solutions at FIS, said in the release.
Kash Razzaghi, chief business officer at Circle, said in the release that the GENIUS Act becoming law has brought stablecoins into mainstream finance and has given financial institutions a new option for moving money quickly, transparently and economically.
“Payment stablecoins represent a significant opportunity for U.S. financial institutions to modernize and stay competitive,” Razzaghi said. “That’s why we’re partnering with FIS — by combining FIS’ ubiquitous banking and payments technology ecosystem with Circle’s blockchain-native infrastructure and USDC, we’re unlocking settlement at internet scale.”
FIS debuted its Money Movement Hub on May 1, saying the tool helps financial institutions link to payment networks and process payments in one place.
The Money Movement Hub integrates with major payment networks — including instant payment services, wire and ACH — within one solution via a single API. It can also increase the accuracy of payments, improve liquidity and help solve security risks, the company said at the time.
The tool is designed for institutions ranging from “super regional” banks to community lenders, per the company.
It was reported June 13, a week after Circle went public, that Circle CEO Jeremy Allaire said that the stablecoin issuer sees opportunities to partner with a wide range of companies.
“It’s a tremendous opportunity as the world connects to this new form of currency on the internet,” Allaire said at the time. “We see tremendous opportunities to collaborate with major technology firms, major payments companies, major financial institutions, and we already do.”
