US-based cloud-based wealth management solutions provider FusionIQ has launched its FIQ Wallet solution, specifically designed for digital wallet companies.
FIQ Wallet allows wallet providers to expand their service offerings beyond payments.
The wealth management solution integrates complex wealth management capabilities, including goals-based digital advice and self-directed investing.
It also allows users to invest their earnings directly from their payment wallets without the need to transfer funds to traditional bank accounts, which avoids fees and simplifies the process.
FusionIQ CEO Eric Noll said: “This product aligns with FusionIQ’s mission to democratise wealth management by providing wallet users with access to investment services directly within their wallets.
“The solution is powered by the award-winning FusionIQ One platform, known for its multi-custodian, multi-asset class, and multilingual capabilities.
“By offering wealth management capabilities in real-time, wallet companies can increase user engagement and build lasting loyalty.”
FusionIQ said its FIQ Wallet offers a customised workflow specifically created for wallet companies and their unique role in the payments industry.
Unlike traditional solutions developed for banks or credit unions, the platform is customised to address the needs of wallet users who need instant transactions.
Also, FIQ Wallet enables real-time transfers that are faster and cheaper than ACH (Automated Clearing House) payments and direct access to a range of wealth management services.
FusionIQ chief technology officer and FIQ Wallet lead developer John Kimbro said: “With FIQ Wallet, FusionIQ is leading the way in the convergence of payments and wealth management.
“This solution is easy to implement and can be fully integrated into wallet platforms in as little as six weeks. Wallet providers can offer their users a unified view of their digital finances, with sophisticated tools for goals-based investing, risk management, and more.
“This product is a game changer for wallet companies, and we’re proud to be the first to deliver this capability to the market.”
According to the company, FIQ Wallet will provide a streamlined digital account opening process that allows users to securely invest in as little as five minutes.
The solution enables a unified investing experience by combining digital advice and self-directed brokerage for an easier investor experience.
Its complex intelligent goals-based investing tools are designed to help users turn financial aspirations into achievable targets with real-time progress tracking.
The FIQ Wallet also provides advanced trading tools for several investment styles, supporting both fractional and whole-share investing.
Furthermore, its enterprise-grade SOC 2 Type II Compliance and continuous security monitoring features ensure the highest standards of data protection, said FusionIQ.
