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Credit union members will soon have the ability to buy, sell and hold bitcoin through a new app, Allied Bitcoin Wallet. Created by payment platform company Allied Payment Network and NYDIG, the bitcoin-focused subsidiary of alternative asset manager Stone Ridge, Allied Bitcoin Wallet will soon be available to credit unions through the London-based financial software company Finastra's FusionStore marketplace.
According to Tuesday's announcement from the Fort Wayne, Ind.-based Allied Payment Network and Finastra, the platform will consolidate bitcoin transactions, digital payments and account balances into one easy-to-access location for enhanced financial management. They also emphasized that participating financial institutions will not have to hold bitcoin on their balance sheet or transact in bitcoin to offer the service. The app was built on Finastra's open developer platform, FusionFabric.cloud.
The benefits to financial institutions of providing the service to customers or members include the opportunity to earn non-interest income, as well as offer a secure, regulated and compliant alternative to transacting with unregulated bitcoin entities, the companies said.
"Allied's primary focus is to make it easier for financial institutions to provide value-based technology that differentiates them in the marketplace, attracts new depositors, retains through high engagement and generates revenue," Ralph Marcuccilli, founder and CEO of Allied Payment Network, said. "Providing access to bitcoin does just that and is a game-changer for many community institutions."
Vincent Pugliese, SVP and general manager, platform for Finastra, added, "Bitcoin adoption has increased dramatically over the past 10 years, and financial institutions need to be able to service their customers across currency classes. Finastra is excited to launch the first bitcoin wallet in its app store with Allied Payment Network. Through Finastra's FusionStore, financial institutions are able to access innovation and claim a leadership position regarding the latest banking trends and technologies."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
