Fiserv to Allow Consumers to Share Data on Their Digital Asset Holdings with Financial Insitutions
Fiserv, Inc., a multinational provider of payments and financial services tech solutions, will allow customers to share data on their digital asset holdings with their Fintech app providers. Consumers will be able to share their data with various financial institutions, wealth management firms, and lenders. This will help with improving users’ money management and control as crypto-asset investing has almost achieved mainstream adoption.
This new capability will be enabled via the integration of AllData® Aggregation from Fiserv with Verady, a provider of crypto tax, accounting, and audit tech solutions. AllData Aggregation allows financial institutions, Fintech firms and other service providers to access data and carry out transactions across multiple apps. With these services, consumers are able to connect to their bank accounts, billing, card, mortgage and other data via the third parties they prefer to work with.
The integration is quite timely as around 46 million Americans reportedly own crypto-assets.
James Wester, Research Director at IDC’s Worldwide Blockchain Strategies, says that the gradual adoption of Bitcoin (BTC) and other cryptocurrencies by large corporations and financial institutions indicates that there’s a wider acceptance rate within financial services that will need support via an updated set of products. Wester added “The inclusion of crypto-assets into standard account aggregation views is an early example of what is likely to be a proliferation of such crypto-driven services.”
Byron Vielehr, chief digital and data officer at Fiserv, remarked “Crypto-assets continue to grow in importance as they make their way into the portfolios of mainstream investors, who need and want to share asset information with their wealth managers, lenders, tax preparers and fintech apps. Now, in addition to the wide array of financial information we already aggregate, including bank account, bill payment and loan information, AllData Aggregation will provide ongoing visibility into cryptoasset investments, all through the aggregation platform these providers rely upon today.”
Kell Canty, CEO at Verady, stated “The integration of our Ledgible platform’s cryptoasset data capabilities into AllData Aggregation brings a singular solution to the industry. As this emerging asset class continues to rapidly expand in adoption and value, the number of people holding cryptoassets is exploding as well. It is critical to deliver the data consumers, financial advisors, and businesses need to actively manage these investments and report on their performance and tax.”