FIS (NYSE: FIS) has launched a fintech platform to enable financial institutions, businesses, and software developers to integrate financial services into their products and processes. Dubbed Atelio, the new platform provides users with access to a range of financial services, including deposit collection, fund transfers, card issuance, invoicing, fraud prevention, cash flow forecasting, and customer behavior analysis.
Targeting Financial Institutions and Businesses
According to the press release, companies can simplify the process of offering financial services and customer support through Atelio. The platform enables financial institutions and businesses to embed financial services into their products and processes.
Tarun Bhatnagar, the President of Platform and Enterprise Products at FIS, mentioned: "Atelio by FIS is our vision to lead where fintech is going, which is outside the boundaries of how businesses enable, and their customers consume financial services today. More than just a new solution, Atelio is built to lend the expertise, tools, and distribution so that our users and clients can focus on creating."
KeyBank, College Ave, and RoyalPay Inc. are some of the companies that have embraced Atelio. The launch comes at a time when embedded finance is poised for exponential growth, with modern software solutions enhancing financial services. By making FIS’ fintech capabilities accessible in new ways, Atelio aims to facilitate greater participation in this growing space.
In February, FIS partnered with Banked, a provider of open banking solutions, for direct payments within the banking sector. By leveraging open banking, APIs, and real-time payment services, this collaboration aims to enable fund transfers directly from users' accounts, bypassing traditional methods like card details or account numbers.
Innovation in Digital Payments
With open banking gaining momentum in the United States, FIS is set to integrate this new feature across various sectors, including insurance, higher education, utilities, and governmental agencies. Seamus Smith, the Group President for Global Business-to-Business Payments at FIS, highlighted that the partnership with Banked marks FIS' dedication to providing payment services across critical industries.
Additionally, FIS partnered with Stratyfy to bolster its card fraud detection capabilities. This collaboration aims to address the growing concerns surrounding fraudulent activities that pose significant risks to businesses and consumers. Central to this collaboration is Stratyfy's machine learning approach, which promises better outcomes in fraud detection. FIS and Stratyfy aim to prevent unnecessary disruptions and delays in transactions caused by fraudulent activities.
