Jacksonville, Florida-based FIS ranked last year as the second-largest processor of payments for merchant transactions via the two biggest U.S. credit card companies, Visa and Mastercard, according to the industry research firm Nilson Report. The volume was about $700 billion.
As a result, decisions the company makes about industry innovations, such as cryptocurrencies, have far-reaching effects.
FIS is responding to customer demand by offering the new service and helping its bank clients avoid “unregulated entities,” the company said in the release.The rise in Bitcoin’s value this year has spurred a host of financial services companies to rethink their initial skepticism of cryptocurrencies. The new service will help banks seek more “fee income and better attract and retain customers,” FIS said in the press release.