Will you buy your next home with Bitcoin? Not if you can’t share data about your cryptoasset investments with your bank. Fiserv has taken a step toward solving that problem by enabling consumers to share data on their cryptoasset holdings with their fintech apps and service providers, including a broad array of financial institutions, wealth managers, and lenders.
The company is making this possible through a new integration of AllData Aggregation from Fiserv with Verady, a provider of cryptocurrency tax, accounting, and audit technology products and integrations.
AllData Aggregation enables thousands of financial institutions, fintechs and other companies to access data and facilitate transactions across existing and emerging applications, and tens of millions of consumers to connect to their bank account, billing, card, mortgage and other data through the third parties of their choosing, according to Fiserv.
The company says the market is ready for this technology and the integration is particularly timely as an estimated 46 million U.S. consumers now own a cryptoasset.
“Cryptoassets continue to grow in importance as they make their way into the portfolios of mainstream investors, who need and want to share asset information with their wealth managers, lenders, tax preparers and fintech apps,” said Byron Vielehr, chief digital and data officer at Fiserv. “Now, in addition to the wide array of financial information we already aggregate, including bank account, bill payment and loan information, AllData Aggregation will provide ongoing visibility into cryptoasset investments, all through the aggregation platform these providers rely upon today.”