A collaboration between Ericsson and financial technology company FIS aims to catalyse the growing convergence of connectivity and digital financial services.
According to Ericsson president and CEO Börje Ekholm, the collaboration aims to pre-integrate FIS fintech capabilities in the Ericsson Fintech Platform. The resulting combined full-stack enterprise-grade pre-connected platform capabilities will remove the need for organisations to build underlying infrastructure.
By directly addressing and solving organizations’ key challenges to adopting digital financial services – such as the complexity and cost of integrating banking, payments, ledgering, identity, and compliance – into a single deployable solution, the collaboration aims to significantly simplify bringing related offerings to fruition.
Ericsson and FIS say communications service providers (CSPs), retail, healthcare, and government sectors are among those that stand to benefit from the platform ability to enable the launch of trusted and agile financial services and products.
Ekholm says: “As money and value exchange become increasingly digital, Ericsson’s fintech offerings provide communication service providers, enterprises and broader segments with the confidence to innovate and scale. Fintech is a clear growth area for Ericsson as the evolution of connectivity and finance is converging. FIS and Ericsson are global leaders uniquely placed to harness this intersection. With Ericsson’s global scale, trust and commitment, we are eager to see this partnership succeed.”
Stephanie Ferris, CEO and president of FIS, says: “Organisations want to bring wallet-led financial services to market faster, but too often they are slowed by fragmented infrastructure and complex integrations. By working with Ericsson, FIS wants to remove that friction with trusted capabilities that come connected across the money lifecycle, giving clients a faster, simpler path from idea to deployment.”
The collaboration combines FIS’s payments and issuing capabilities with Ericsson’s cloud-native wallet-led infrastructure and open Application Programming Interfaces (APIs).
The envisaged partnership platform will offer secure, speedy and reliable wallet-led digital financial experiences for organisations of all sizes, and easy-to-use end-to-end money access experiences for consumers.
With more than 15 years of operational experience, the Ericsson Fintech Platform supports at least 131-million users who have transacted on the platform in the past 90 days, processing approximately USD 80 billion in monthly transactions.