FIS to integrate with Circle for USDC payments

Under the initiative, FIS and Circle will enable US financial institutions to offer their customers the option to make domestic and cross-border stablecoin payments in USDC.

The move comes on the heels of new US stablecoin legislation that paves the way for digital assets to become more integrated with traditional finance in the US.

Annually, FIS facilitates the movement of roughly $9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe.

FIS’ recently launched Money Movement Hub is the first product to integrate with Circle, making USDC payment functionality available to a wide range of institutions.

The Money Movement Hub enables financial institutions to connect to multiple payment networks, encompassing a range of payment types, in one place. FIS says it will integrate its real-time payments and enhanced fraud detection capabilities with Circle’s blockchain-native infrastructure, providing a scalable path for stablecoin uptake by client banks.

Jim Johnson, co-president, Banking Solutions at FIS, comments, “By providing our clients with direct access to USDC functionality within a regulated and compliant framework, they in turn will be able to offer their customers greater choice in payment methods than ever before. We are helping them to embrace the latest technology to reduce the complexity and costs associated with making payments, enabling funds to flow with greater speed, accuracy and security throughout the money lifecycle.”

FIS is stepping into the arena after rival vendor Fiserv last month unveiled plans for a digital asset platform, including a stablecoin for financial institutions. Using stablecoin infrastructure from Paxos and Circle, Fiserv's token, FIUSD, is being pitched as a bank-friendly coin, offering clients an efficient and interoperable digital asset service for their banking and payment flows.