FinTech platform FIS has acquired integrated payments company Payrix to bolster its e-commerce offerings to businesses of all sizes across industries with integrated payments through Software-as-a-Service (SaaS), according to a Monday (14 February) Press release.
The deal also allows FIS to provide integrated financial capabilities in addition to e-commerce tools to small and medium enterprises (SMEs), according to the announcement.
“Since acquiring Worldpay in 2019, FIS continues to expand its strategic payments capabilities and offerings in global e-commerce,” FIS President Stephanie Ferris said in the announcement. “Bringing Payrix capabilities to FIS allows us to continue our journey serving e-commerce and platforms.
Ferris added that the acquisition “is great evidence of FIS’s ability to unlock the value of our broad portfolio of solutions, as businesses of all sizes rely on FIS as a destination for innovation to advance the how the world pays, banks and invests”.
Acquisition of Payrix will enable FIS to go global at scale and includes new capabilities including digital and automated onboarding, compliance, billing and settlement, which will allow the company to expand into new segments market, including e-commerce for SMEs.
Terms of the acquisition were not disclosed. The deal is not expected to impact FIS’ financial results, which are expected to be announced on Tuesday, February 15.
Related: FinTechs launch API lifelines to banks to meet business customer needs
Meanwhile, 60% of financial institution (FI) decision makers in the UK say their organizations have integrated at least one new digital technology in the past year. Integrated financial products and services are gaining in importance around the world.
The February edition of PYMNTS’ Next-Gen Commercial Banking Tracker® explores how banks and FinTechs can use APIs to innovate in commercial banking. About 57% of traditional financial institutions expect to benefit from FinTech partnerships and 48% see collaboration as essential to innovation.
About 52% of incumbent FIs see the potential for developing disruptive technologies, while 25% expect to be able to make their service offerings more attractive to potential customers by leveraging these technologies.