BROOKFIELD, Wis.—Fiserv said it will enable consumers to share data on their cryptoasset holdings with their fintech apps and service providers, including a broad array of financial institutions, wealth managers, and lenders,enhancing consumers’ financial management and control as “cryptoasset investing reaches the mainstream.”
This “first-in-market capability” will be enabled through the integration of AllData Aggregation from Fiserv with Verady, a leading provider of cryptocurrency tax, accounting, and audit technology products and integrations, according to the company.
Fiserv noted AllData Aggregation enables thousands of financial institutions, fintechs and other companies to access data and facilitate transactions across existing and emerging applications, and tens of millions of consumers to connect to their bank account, billing, card, mortgage and other data through the third parties of their choosing.
“The integration is particularly timely as an estimated 46-million U.S. consumers now own a cryptoasset,” Fiserv said.
‘Broader Acceptance’
According to James Wester, research director of IDC's Worldwide Blockchain Strategies research practice, the gradual adoption of Bitcoin and cryptocurrencies by corporations and financial institutions signals a broader acceptance within financial services that will require support from a new set of products and services.
"The inclusion of cryptoassets into standard account aggregation views is an early example of what is likely to be a proliferation of such crypto-driven services,” said Wester.
Added Byron Vielehr, chief digital and data officer at Fiserv, “Cryptoassets continue to grow in importance as they make their way into the portfolios of mainstream investors, who need and want to share asset information with their wealth managers, lenders, tax preparers and fintech apps. Now, in addition to the wide array of financial information we already aggregate, including bank account, bill payment and loan information, AllData Aggregation will provide ongoing visibility into cryptoasset investments, all through the aggregation platform these providers rely upon today.”