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relationship-based product bundling and pricing and predicative marketing data analytics,” says Andrew Beatty, SVP Global Financial Solutions at FIS. “The technology leverages aspects of the new FIS API Gateway, which is an open access digital entry point that enables our customers’ access to the entire FIS enterprise solution suite via a toolkit of API, developer, and analytics services. FIS is looking to extend its availability globally in 2017.”


Another recent development was the signing of a deal with PayPal, which saw the establishment of a partnership aimed at allowing customers who load their debit and credit card details into PayPal to use their mobile phones to pay for purchases at in-store terminals. The partnership allows PayPal to reach more than 6,000 banks and card issuers which FIS has existing relationships with in order to drive more digital spend.


FIS said it will make it easier for customers to link their card accounts to their PayPal accounts, and will also let them view their PayPal account balance on partner bank sites. Avidia Bank and the 15 chartered banks of Wintrust Financial, two FIS clients, will roll-out this account linking in the first quarter of this year (2017). It will be available to all FIS clients beginning in the first half of 2017.


Beatty adds: “Technology innovation has always played a significant role in banking progression, either in terms of business capability accelerators or operational delivery. Each banking decision is influenced by external market forces such as, customer experience expectations and capability differentiation or internal forces such as, regulation and compliance governance and/or operational efficiency optimisation. FIS strives to analyse the industry and market trends but more importantly listen to our clients to ensure that our solutions, services and delivery execution align to their current and future goals.”


In another deal, Servus Credit Union (the largest credit union in the Canadian province of Alberta) turned to FIS for a full complement of credit card services including processing, loyalty, fraud detection and prevention, as well as card production and personalisation. FIS said the move was due in part to the credit union’s needs of


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a broader payment strategy, giving Servus Credit Union more control over their credit card strategy and delivery in order to enhance their member experience.


In the payments space, FIS has also partnered with Early Warning to enable financial institutions to offer faster P2P payment services via its Zelle Network. FIS said the deal will allow financial institutions innovative, full-service, real-time money movement capabilities and solutions to meet the growing demands of digital customers.


Ones to watch


A self-confessed technophile who emigrated to Canada from Chester in the North West of England, Beatty highlights a number of advances in the financial technology sector in the short and medium term. “While distributed ledger technology and cloud banking have been widely discussed over the last few years, the years ahead are likely to be focused on promoting wider adoption of these innovations and thus opening even more exciting doors for the industry. Additionally, P2P payments should dramatically increase in use and frequency in the US, thus rapidly advancing digital and faster payments in its major market space.”


While technological enhancements and a maturing sector offer increasing opportunities for the financial technology sector, there are also major challenges ahead. The introduction of PSD2 (Revised Payment Service Directive) will enable bank customers to use third parties to manage their finances, potentially a major boon for FinTechs, but with established banks likely to be the biggest losers.


The EU General Data Protection Regulation (GDPR), meanwhile, means companies will have to adhere to stringent new data protection rules if they are to continue to trade within the European Union. Bruce Jennings, EMEA strategy director at FIS, recently warned the financial industry that it had ‘a lot of work to do’ to prepare for the May 2018 GDPR deadline.


In an attempt to not only offset the challenges posed by GDPR but actually capitalise on it, FIS has joined forces with Trunomi to create a solution which it said will


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