FIS Partners with Quontic Bank to Power Industry-First Bitcoin Rewards Checking Account
December 15 2020 - 9:18AM
Business Wire
Key facts
- Checking account will allow holders to earn reward points based
in Bitcoin when using the new debit card.
- Quontic is using the FIS Digital One solution to provide a
mobile app with a leading-edge digital experience.
Today FIS® (NYSE: FIS) has announced it is partnering with
Quontic Bank to deliver its new Bitcoin Rewards Checking account,
launched today.
With this announcement, the New York-based digital bank becomes
the first FDIC insured financial institution in the U.S. to go live
with a Bitcoin Rewards debit card, which allows holders to earn
1.5% Bitcoin back on eligible debit card purchases.
Quontic is using the FIS Digital One solution to provide a
mobile app with a leading-edge digital experience that will enable
robust Bitcoin rewards tracking, reporting and functionality. The
new Quontic app, which is targeted to launch in Q2 of 2021, will
enable cardholders to open and manage accounts via the app on their
smartphones or tablets. Quontic is partnering with financial
services firm NYDIG to provide a secure custody platform for
managing the Bitcoin rewards.
The new Bitcoin Rewards Checking solution continues a long
history of innovation by Quontic Bank, a long-time FIS core banking
customer.
“This new Bitcoin Rewards Checking Account is another way that
Quontic Bank is delivering innovative and useful products to our
customers,” said Steven Schnall, CEO & Founder of Quontic. “As
Bitcoin continues to gain usage and acceptance as a digital
currency, our new rewards checking account provides customers a way
to build wealth simply by swiping their debit card. We see this as
the future model for banking: mobile-first, highly flexible, and
providing a superb customer experience.”
“FIS is excited to partner with Quontic Bank to bring this
groundbreaking solution to market,” said Rob Lee, Head of Digital
and Banking at FIS. “Beyond the ability to earn and redeem rewards
points based in Bitcoin, the new checking account will provide
crypto enthusiasts the convenience and flexibility of doing their
checking entirely via a mobile app. Quontic Bank is inventing the
future, and we expect to see many other banks, both large and
small, follow in its footsteps in the year ahead.”
About FIS FIS is a leading provider of technology
solutions for merchants, banks and capital markets firms globally.
Our employees are dedicated to advancing the way the world pays,
banks and invests by applying our scale, deep expertise and
data-driven insights. We help our clients use technology in
innovative ways to solve business-critical challenges and deliver
superior experiences for their customers. Headquartered in
Jacksonville, Florida, FIS is a Fortune 500® company and is a
member of Standard & Poor’s 500® Index. To learn more, visit
www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter
(@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20201215005739/en/
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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