FIS (NYSE: FIS) has launched a fintech platform to enable financial institutions, businesses, and software developers to integrate financial services into their products and processes. Dubbed Atelio, the new platform provides users with access to a range of financial services, including deposit collection, fund transfers, card issuance, invoicing, fraud prevention, cash flow forecasting, and customer behavior analysis.

Targeting Financial Institutions and Businesses

According to the press release, companies can simplify the process of offering financial services and customer support through Atelio. The platform enables financial institutions and businesses to embed financial services into their products and processes.

Tarun Bhatnagar, the President of Platform and Enterprise Products at FIS, mentioned: "Atelio by FIS is our vision to lead where fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term is going, which is outside the boundaries of how businesses enable, and their customers consume financial services today. More than just a new solution, Atelio is built to lend the expertise, tools, and distribution so that our users and clients can focus on creating."

Announcing Atelio by FIS → Learn more about how we’re building the future of fintech - https://t.co/gapbTM8DHv pic.twitter.com/LyCUibEoJX

— Atelio (@ateliobyfis) May 7, 2024

KeyBank, College Ave, and RoyalPay Inc. are some of the companies that have embraced Atelio. The launch comes at a time when embedded finance is poised for exponential growth, with modern software solutions enhancing financial services. By making FIS’ fintech capabilities accessible in new ways, Atelio aims to facilitate greater participation in this growing space.

In February, FIS partnered with Banked, a provider of open banking solutions, for direct payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term within the banking sector. By leveraging open banking, APIs, and real-time payment services, this collaboration aims to enable fund transfers directly from users' accounts, bypassing traditional methods like card details or account numbers.

Innovation in Digital Payments

With open banking gaining momentum in the United States, FIS is set to integrate this new feature across various sectors, including insurance, higher education, utilities, and governmental agencies. Seamus Smith, the Group President for Global Business-to-Business Payments at FIS, highlighted that the partnership with Banked marks FIS' dedication to providing payment services across critical industries.

Additionally, FIS partnered with Stratyfy to bolster its card fraud detection capabilities. This collaboration aims to address the growing concerns surrounding fraudulent activities that pose significant risks to businesses and consumers. Central to this collaboration is Stratyfy's machine learning approach, which promises better outcomes in fraud detection. FIS and Stratyfy aim to prevent unnecessary disruptions and delays in transactions caused by fraudulent activities.