Financial technology provider FIS launched its new mobile wallet this week. The cloud-based solution not only gives consumers the ability to use their smartphones to make POS purchases and shop online, but the white label solution can also be built directly into retailers’ and financial institutions’ existing mobile applications, according to the announcement.

FIS is partnering with mobile payment company Paydiant on the solution.

The new mobile wallet, which is already in production in several pilot programs, lets financial institutions launch their own mobile wallet products immediately with the ability to add in advertising, couponing and offers into their applications.

"The FIS Mobile Wallet can be delivered to financial institutions and retailers alike,” Gary Norcross, chief operating officer, FIS, said in the release. "Our focus is to provide market-leading capabilities that position our clients to compete in payments across channels."

To access the FIS Mobile Wallet, consumers download an application offered by their financial institutions or retailers and enter their payment credentials. Once set up, the solution can then be used to make a purchase at a POS or online. FIS said its mobile wallet is also secure since no payment credentials are provided to the POS device or stored on the smartphone.

Chris Garnder, co-founder of Paydiant, said the mobile wallet addresses concerns FIs and retailers have over controlling their brands and data.

"We strongly believe that many financial institutions and retailers are not comfortable ceding their brand equity, customer relationships and transaction data to new entrants in the payments ecosystem,” Gardner said in the announcement. “We are thrilled to team with industry leader FIS, who shares our customer-centric viewpoint."