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Bakkt Crypto Platform

Bakkt

Digital & Retail Banking
Mobile Payments
Enable financial institutions to offer their consumers access to select cryptocurrency markets.
Digital & Retail Banking
Mobile Payments
Enable financial institutions to offer their consumers access to select cryptocurrency markets.

Bakkt Crypto Platform allows banks to offer cryptocurrency trading to their consumers in a seamless, single sign-on experience within their existing mobile/digital platform.​ ​ By adding Crypto Buy/Sell/Hold to their mobile and digital experience, banks can offer the ability to buy, sell and hold select cryptocurrencies without opening an account and transferring funds to a third-party application. This offer also allows the banks to appeal to a new generation of consumers who are interested in crypto.

Crypto has emerged as a viable asset class, with is a large swath of crypto curious consumers. This opens the doors to future revenue drivers, and it’s up to the Financial Institution’s to extend their traditional banking services to allow the users to buy, sell and hold cryptocurrencies. By offering in-app cryptocurrency access to their accounts, Bakkt avoids funds and customers bleeding, security risk, regulatory complexity, and technical challenges of in house and offers a simpler and faster that more complex integrated alternatives using exchanges.​

Simple Consumer experience

Consumers can Buy/Sell/Hold in crypto directly in their banking app (seamless experience), and will fund those accounts through existing bank accounts without opening an account and transferring funds to a third-party application.

Outsource regulatory compliance & security complexity/ risk

The Bakkt solution handles all the complex compliance and regulatory requirements, including licensing, and institutional grade custody, shielding the banks from that regulation complexity and security concerns.

Faster Time to Market

The Bakkt platform will accelerate time to market by taking care of all functional aspect (KYC, onboarding, tax reports.). It is pre integrated to Fusion Digital Banking - helping these banks to provide their consumers with this solution much faster than with an in-house solution.

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General information

Commercial model
Resell
Integration
Pre-integrated products
Fusion Digital Banking
doneAvailable for all 3rd party systems
Implementation
Cloud Hosted
Website
Support
Privacy policy
Data processing countries (1)
United States
Show all
Finastra employees only
Access support collateral and more on
SharePoint

How it works

Bakkt Crypto Platform integrates with Fusion Digital Banking via the FusionFabric.cloud APIs. Finastra provides Bakkt with consumer ID, via single sign on, which is used to query the consumer KYC data. Bakkt completes the credit/debit transactions of a consumers bank account by integrating with Finastra APIs.

Enrollment

The bank enables Bakkt Crypto Buy/Sell/Hold within their app and consumers are shown the option to trade Cryptocurrency using it. During this activation step, the consumer KYC data is sent to Bakkt to enroll the consumer on Bakkt platform. After the enrollment is completed, any new visits don’t require re-enrollment before allowing consumer to transact in cryptocurrency.

Buying experience

Initially only the “Buy” option is available. After the activation, the consumer can choose between the crypto currencies that they want to transact in. To help them, a current historical cryptocurrencies prices is displayed. Consumers are then able to link their existing bank account as a funding source for buying cryptocurrency.

Selling experience

After the first cryptocurrency is purchased, the “Sell” option is made available to consumers. When a cryptocurrency is sold, the USD funds will be moved to consumer’s linked bank account. Consumers are shown their cryptocurrency account balance and all cryptocurrency transactions within the app in real time.
How it works

How it looks

Crypto Buy - use case

Users can buy Cryptocurrency within their bank application using their bank account as funding source. Show less

Crypto Sell - use case

Users can sell Cryptocurrency within their bank application. Show less
screenshot container
Crypto Buy - use caseCrypto Sell - use case

Crypto Buy - use case

Users can buy Cryptocurrency within their bank application using their bank account as funding source.

Resources

Press release
CASE STUDY
Press Release