By Joy Dumasia
FIS has announced it has enhanced its wealth management solutions with the addition of self-invested personal pension (SIPP) servicing in the UK. By launching retirement services in the UK, FIS is greatly expanding its offerings to wealth managers in this market.
“The UK is a world leader in wealth management with £1.3 trillion in assets under management, and with the advanced offerings from FIS, we’re poised to help these firms operate more efficiently,” said John Beeston, Head of Platform Securities at FIS. “The FIS wealth platform offers a broad set of capabilities for wealth managers across the globe, and by adding such critical services like SIPP for our UK market, we are committed to becoming the provider of choice for wealth and retirement managers everywhere.”
The new SIPP offering is made possible by partnering with Quai Digital, a UK investment and pension services provider. The partnership means that Quai will benefit from utilizing the wealth management and service solutions from FIS via Platform Securities Limited to enhance the operation of its savings and investment business.
FIS Wealth as a Service is a comprehensive solution that handles portfolio management, order management, execution, clearing, custody administration and settlement and can be fine-tuned and tailored for an investment firm’s unique needs. Further, firms that source their wealth platform through FIS will see reduced operational overhead using a managed technology solution.
“The industry of pension and retirement investing is moving faster than ever with new technology and new demands from our clients, a partnership with FIS works very well for both parties and allows Quai to enhance its already market-leading infrastructure and services, which is why we sought a solution that we knew would carry us into the future,” said Tony Webb, CEO at Quai Digital. “FIS will allow us to redouble our focus on our clients while we can trust the technology can meet our needs as we continue to grow our business and support the FIS expansion into Pensions.”
IBS Intelligence also reported that FIS announced the launch of its Guaranteed Payments solution, becoming the only payments processor to offer a fully integrated solution designed to guarantee merchants increased e-commerce transaction approval rates and eliminate the financial liability of chargebacks due to fraudulent purchases.