Based in Boston, FusionIQ announced an expansion into the Canadian market last year.
The provider of cloud-based wealth management solutions this week announced the launch of FIQ Wallet, which it claims is the industry’s first digital wealth management platform designed specifically for digital wallet companies.
“We are excited to launch FIQ Wallet as the next evolution in digital wealth management,” stated Eric Noll, chief executive officer of FusionIQ. “The solution is powered by the award-winning FusionIQ One platform, known for its multi-custodian, multi-asset class, and multilingual capabilities.”
This new solution empowers wallet providers to expand their service offerings beyond payments by integrating sophisticated wealth management capabilities, such as goals-based digital advice and self-directed investing, Noll says.
“This product aligns with FusionIQ’s mission to democratize wealth management by providing wallet users with access to investment services directly within their wallets,” the CEO explains.
With FIQ Wallet, users can invest earnings directly from payment wallets without the need to transfer funds to traditional bank accounts, reducing fees and simplifying the process. And by keeping money within the wallet and allowing it to grow, FIQ Wallet increases the “stickiness” of digital wallets, leading to higher user engagement, according to Noll.
“By offering wealth management capabilities in real-time, wallet companies can increase user engagement and build lasting loyalty,” said the CEO.
Why is FusionIQ interested in this market? In 2023, digital wallets dominated point-of-sale, accounting for 30% of global transactions and 50% of online transactions. The total value of digital wallet transactions reached $9 trillion, data from Juniper Research shows, while the global mobile payment market was valued at just $72 billion.
“With FIQ Wallet, FusionIQ is leading the way in the convergence of payments and wealth management,” posits John Kimbro, chief technology officer at FusionIQ.
FIQ Wallet offers a customized workflow built specifically for wallet companies and their unique role in the payments industry, Kimbro says, unlike traditional solutions developed for banks or credit unions.
“This solution is easy to implement and can be fully integrated into wallet platforms in as little as six weeks,” says the CTO, who was the leader developer behind the project. “Wallet providers can offer their users a unified view of their digital finances, with sophisticated tools for goals-based investing, risk management, and more.”
With real-time transfers and cheaper payments, plus direct access to a range of wealth management services, FIQ Wallet addresses a crucial gap in the market, Kimbro believes.
“This product is a game changer for wallet companies,” he said, “and we’re proud to be the first to deliver this capability to the market.”
Other FusionIQ products include FIQ Freedom, Journey, and Market One. The company recently partnered with Ontario’s InterVal.
