Beyond traditional P2P models, the next horizon for today's digitally demanding, fast-moving consumer is paying any person, company or institution in real time - quickly, easily and securely.
FIS™ (NYSE: FIS), the world's largest provider of banking and payments technology, today announces the launch of FIS People Pay, an advanced P2P payments offering for financial institutions that allows their customers to send payments directly to other consumers using an e-mail address or mobile phone number while utilizing the institution's secure online banking Web site.
Offered to financial institutions, FIS People Pay enables banks and credit unions of all sizes to provide their customers and members with a financial institution-branded P2P payment capability that addresses the increasing consumer expectation for real-time P2P payments. FIS People Pay leverages the FIS PayNet payments network to enable real-time money movement as well as FIS' proven fraud monitoring solutions for risk management.
For consumers, FIS People Pay is a simple and secure way to make "me-to-them" payments in real time. Users can choose when and how to send payments based on what identification information the recipient provides to the sender, including account number, mobile telephone number or e-mail address. For financial institutions, FIS People Pay enables P2P capabilities through a real-time good funds model that eliminates the funding risk of ACH.
"FIS is focused on investing in innovations that bring direct value to our clients and the customers they serve, and the launch of FIS People Pay is a definite proof point of that strategy," said Nancy Langer, division executive, ePayment Solutions, FIS. "Over the last year we've seen bill pay transaction volumes increase by 20 percent and our more than 14,000 clients are looking to us for the next-generation P2P solution. We believe real-time P2P is a critical facet of the broadening set of consumer's digital money movement needs. FIS People Pay delivers not only advanced P2P capabilities, but keeps financial institutions at the center of the digital money movement."
Launching this month, FIS People Pay is a standalone P2P solution and will also be integrated with FIS channel products and core solutions.