Fidelity National Information Services

So I definitely want Henrik's to rebut or add context as appropriate.

But my perception is that until, let's say, fairly recently, maybe 15-ish years ago, IT was kind of thought of as something that you buy, right? Who do you buy it from? FIS, Fiserv, Jack Henry, right? You know, there's a handful of others, but I mean, those are basically like the big three.

Now, on the one hand, this simplified things from a like a supervision or a regulatory standpoint.

Is it too early for me to drop? the BSCA, the bank service company, acted to the conversation.

Like thinking they were taking advantage of like this, you know, early thirties, Jason, right? And like, get out of here.

What kind of idiot would sign something that says, if you provide a service or substantially the same service, I can only buy it from you, right? Like who would do this? And the consultants like Jason settled down.

Sure enough, I get the FIS and the Jack Henry contracts are the same.

So talk about stymieing innovation is I can't even buy from other vendors.

Tokenized settlement has to connect with existing compliance, treasury, messaging, and correspondent banking processes.

In parallel, FIS has launched an embedded banking platform aimed at corporate software providers.

The proposition is straightforward.

Enable business software companies to incorporate banking capabilities directly into the workflows where their customers already operate.

That can include payments, accounts, financing, or other financial services delivered through a software interface.

For FIS, the opportunity is to become infrastructure behind a larger ecosystem of distributors, rather than competing for every end customer directly.

For banks, the development reinforces the pressure to make products modular and accessible through third-party platforms.

And for software providers, it offers a faster route into financial services, but with greater responsibility for compliance, risk, and customer experience.

For Amazon, the reported sale could represent a sharper focus on its core commerce activities, while PayTab's would inherit both scale and integration responsibilities.

Also, FIS has launched an embedded banking platform designed specifically for banks.

The offering is aimed at helping financial institutions provide embedded finance capabilities without building the full technology stack internally.

That matters because banks are under pressure to distribute accounts, payments, and lending through non-bank channels, while still managing regulatory, operational, and technology risk.

FIS is positioning itself as the infrastructure layer that lets banks participate in embedded finance rather than watch fintech platforms capture the customer relationship.

Zooming out, Finsley has introduced Assure, an AI-powered security and assurance layer within its agentic Galaxy suite for BankOS.

The product reflects a parallel trend.

or payment processor.

Do you see a threat in those guys or you still believe those guys are not the real threat? You see FIS, Fiserv as a real competition in the market?

I think the payments industry is so large and the interesting thing is that there are folks that you could characterize as competitors that are actually natural collaborators and so it's a really interesting market the great news for many of the participants is it's a large robust market where many can win uh and we'll end up collaborating with many of the folks that that you listed earlier uh and i think we'll be collaborating more than we'll be competing

This is one of the most interesting things for me personally.

I was involved in the early innovation.

I was part of the team that did the FASTA payment back in the days in 2007, moved to the US in 2000, joined the US payment space, got head on a company called eFonds, which became part of FIS, spent 10 years at a variety role in FIS, both large core banking platform as well as community bank strategy as well as enterprise product strategy.

Did it for 10 years, left, spent four years in the international corporate transaction banking tech space.

After restructuring that company, I joined a next-gen core and digital company out of Argentina called Technisis, laid out a product strategy, hired a team, brought them in the US.

This is the creation story of Liminal AI.

When LLMs first came out, not LLMs themselves, but when GPT-3 came out and the AI revolution started, I was just coming off of being in a really large fintech company called FIS.

I had run-ins with our CISO there trying to release new software into the company.

and trying to do anything generally new inside of a company that was heavily regulated.