Barclays and FIS Extend Partnership Supporting Bank’s Online Deposits Growth

WHY THIS MATTERS: The renewal of this long-term relationship between a major global technology provider and a highly successful digital banking arm signals a crucial turning point in core banking modernization. For institutions managing billions in digital deposits, simply patching legacy technology is no longer sufficient; scalability and product velocity have become paramount. Barclays US Consumer Bank’s selection of a cloud-ready platform affirms that even sophisticated digital lenders are moving decisively away from monolithic systems toward the API economy. This infrastructural overhaul is a strategic necessity, providing the open architecture required to handle high-volume, real-time processing and seamlessly integrate new products—from savings vehicles to future embedded financial solutions—at speed. This is a foundational investment designed to turn underlying infrastructure from a cost center into a competitive advantage, ensuring the bank can deliver innovative experiences to its 25 million co-branded cardholders.

Barclays US Consumer Bank, a leading digital banking partner and FIS® (NYSE: FIS), a global leader in financial technology, announced a multi-year extension of their core banking partnership agreement, supporting the bank’s retail deposits growth ambitions and continued focus on modernizing its digital platforms and capabilities.

As part of the agreement, Barclays will deploy the FIS Profile service, a cloud-ready, high-performance core banking platform that manages money at rest – deposits, accounts, and balances – while delivering real-time, multi-currency processing that reduces risk, costs and time to market.

FIS Profile’s open architecture enables real-time data streaming, seamless integration with consumer-facing channels, and the flexibility to connect best-fit solutions across Barclays advanced technology ecosystem.

Over the past decade, Barclays has seen tremendous growth in its online deposits business in the United States through award-winning savings products, including its innovative tiered savings program. The bank’s suite of online savings and Certificate of Deposits (CDs) products supports the broader banking needs of its 25 million co-branded credit card cardmembers across 20 of America’s best-loved travel and retail brands.

“As we expand our deposits business and bring new products to market, we have invested in digital capabilities and are simplifying our processes to create a better customer experience,” said James Capolongo, Head of Banking, Barclays. “With over $25 billion on deposit, we require a core platform that can scale with us to best serve our customers as the leading digital banking partner in the US.”

“As Barclays positions itself for its next phase of growth, FIS is helping the bank to unlock quick, measurable value throughout its modernization program.” said Andrew Beatty, Head of Global Banking Cores, FIS. “From faster product innovation to smarter, AI-powered insights and reducing risk along the way, FIS and Barclays are stepping boldly into the future. After all, modernization isn’t a destination; it’s a continuous journey.”

FF NEWS TAKE: This extension confirms that modernizing through established players remains a viable, powerful path for large institutions, accelerating transformation without a risky wholesale migration. Yes, this moves the needle by fortifying the digital foundation of a US deposit business exceeding $25 billion. Watch for Barclays’ speed-to-market with future products—the new system’s open capabilities should translate directly into superior, integrated offerings for their extensive cardholder base.