FIS and Ericsson Team to Improve Wallet-Led Financial Services

FIS has launched a collaboration with tech company Ericsson centered around “wallet-led” financial services.

The partnership will see FIS payments and issuing capabilities integrated with the Ericsson Fintech Platform, helping clients deploy digital wallet experiences at scale and offer consumers a more direct route to their money, the companies announced Tuesday (Sept. 1).

“Organizations want to bring wallet-led financial services to market faster, but too often they are slowed by fragmented infrastructure and complex integrations,” Stephanie Ferris, FIS president and CEO, said in a news release. “By working with Ericsson, FIS wants to remove that friction with trusted capabilities that come connected across the money lifecycle, giving clients a faster, simpler path from idea to deployment.”

According to the release, Ericsson’s Fintech platform processes approximately $80 billion in monthly transaction value across 24 countries, and provides wallet infrastructure, digital identity, ledger capabilities, and ecosystem orchestration.

“As money and value exchange become increasingly digital, Ericsson’s FinTech offerings provide CSPs, enterprises and broader segments the confidence to innovate and scale,” said Börje Ekholm, Ericsson’s president and CEO. “FinTech is a clear growth area for Ericsson as the evolution of connectivity and finance converges around mobile payments and wallet-led financial services. FIS and Ericsson are global leaders uniquely placed to harness this intersection, and with Ericsson’s global scale, trust, and commitment, we are eager to see this collaboration succeed.”

PYMNTS Intelligence collaborated with FIS recently on the report “The Smart Basket Opportunity: How Merchants Can Capture More Consumer Spending.”

The research is based on a survey of 60 grocery, retail and restaurant and food service merchants, 65% of whom said access to data moderately, significantly or critically hinders their ability to offer personalized promotions.

“The constraint is striking because many merchants do not consider their underlying data capabilities weak,” PYMNTS wrote Monday (Aug. 31).

More than half of the merchants interviewed characterized their access to actionable promotional data as advanced or highly advanced, while another 40% labeled it moderate.

However, only 27% said they can provide one-to-one offers in real time, while 40% said they were still focused on mass-market or segment-based personalization.

“That leaves a gap between possessing customer data and being able to use it during an individual transaction,” the report added.