FusionIQ, an innovator in cloud-based wealth management solutions, has unveiled FIQ Wallet, the industry’s first digital wealth management platform created particularly for digital wallet providers.
By including advanced wealth management features like self-directed investment and goals-based digital guidance, this ground-breaking solution enables wallet providers to broaden their service offerings beyond payments.
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Bringing payments and wealth management together
In industries where businesses utilise digital wallets to pay part-time or contract workers, wallet providers are becoming more and more important. Digital wallets dominated online purchases with 50% of payments in 2023 and accounted for 30% of worldwide point-of-sale transactions.
Although the global mobile payment market was valued at $72.5bn, the total value of transactions made using digital wallets topped $9trn. In the United States, 53% of adults use digital wallets more frequently than traditional payment methods, and 65% of adults use them at least once a month.
By eliminating the need to move money to conventional bank accounts, FIQ Wallet allows users to invest their profits straight from their payment wallets, cutting costs and streamlining the procedure.
The following advantages are provided by FIQ Wallet, which makes digital wallets more “sticky” by retaining funds inside the wallet and letting them grow through investments:
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By GlobalData- Fast Onboarding: A streamlined digital account opening process allows users to securely invest in as little as five minutes.
- A Unified Investing Experience: FIQ Wallet combines digital advice and self-directed brokerage for a seamless investor experience.
- Intelligent Goals-Based Investing: Sophisticated tools help users turn financial aspirations into achievable targets with real-time progress tracking.
- Modern Trading Tools: FIQ Wallet offers sophisticated trading tools for various investment styles, supporting both fractional and whole share investing.
- Enterprise-Grade Security: SOC 2 Type II Compliance and continuous security monitoring ensure the highest standards of data protection.
FIQ Wallet provides a tailored workflow designed especially for wallet companies and their distinct function within the payments sector. This platform is designed to satisfy the demands of wallet users who anticipate quick, easy transactions, in contrast to conventional solutions created for banks or credit unions.
Moreover, the FIQ Wallet fills a significant market need by offering real-time transfers that are quicker and less expensive than ACH (Automated Clearing House) payments, as well as direct access to a variety of wealth management services. Wallet providers may establish themselves as experts in the quickly changing wealth management ecosystem by broadening the range of services they offer.
Eric Noll, CEO of FusionIQ, stated: “We are excited to launch FIQ Wallet as the next evolution in digital wealth management. 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.”
John Kimbro, chief technology officer of FusionIQ and the lead developer behind FIQ Wallet, shared: “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.”
