FIS and Fiserv to examine Bitcoin for safe fund transfer

FIS, a banking and payments technology provider, is reportedly assessing whether virtual currency bitcoin's could be an ideal tool to enable the firm to securely move funds on existing networks.

FIS, a banking and payments technology provider, is reportedly assessing whether virtual currency bitcoin’s could be an ideal tool to enable the firm to securely move funds on existing networks.

Fiserv senior vice president, Marc West, was quoted by the Bloomberg as saying that the company, which offers financial services technology solutions, is also examining bitcoin’s use of encryption to ensure secure transfers.

Since its launch in 2008, Bitcoin has attracted a number of entrepreneurs and retailers seeking to popularise it as a low-cost alternative to established payment systems, replacing credit cards to international wire transfers.

American Bankers Association vice president, Steve Kenneally, told the publication: "It’s safe to say that every bank is looking at what’s going on with bitcoin and those types of technologies.

"Most of the larger banks are investigating it. The larger the banks, the further along they are."