Barclays US Consumer Bank and FIS, a US-based financial technology company, have announced an extended partnership for their core banking services.
As part of this agreement, Barclays plans to implement the FIS Profile service, a cloud-ready core banking platform that handles deposits, accounts, and balances while offering real-time, multi-currency processing capabilities.
FIS Profile’s open architecture facilitates real-time data streaming, integration with consumer-facing channels, and seamless connectivity within Barclays’ broader tech ecosystem. This platform is designed to minimize risk, reduce costs, and accelerate the time-to-market for new product launches.
Business Context
Barclays US Consumer Bank manages over USD 25 billion in deposits and serves approximately 25 million co-branded credit card customers across 20 travel and retail brands within the United States. The bank’s digital deposit offerings include online savings accounts and certificates of deposit, which have seen significant growth over the past decade through its tiered savings program.
The partnership extension will support Barclays’ strategic goals to expand its US retail deposits business and modernize its digital platforms. The deployment of FIS Profile aims to provide a scalable core infrastructure that can facilitate faster product innovation and enhanced customer experience as the bank introduces new deposit products.
Moreover, this agreement aligns with broader industry trends where banks are opting for cloud-ready core banking solutions that can integrate with third-party services and deliver real-time processing capabilities, without fully replacing existing legacy systems.
Commenting on the move, James Capolongo, Head of Banking at Barclays, stated that a scalable platform is essential to meet customer needs as they continue to grow their digital banking presence in the US. Andrew Beatty, Head of Global Banking Cores at FIS, highlighted that this collaboration will enable Barclays to derive significant value during its modernization journey, from quicker product innovation to AI-driven insights.
