- Industry’s first global real-time payments network, enables instant authorization of payment transactions
- Simplifies payments within E-commerce, P2P, bill pay, mobile and emerging digital payments
- Supports FIS’ strategy to remain at the forefront of real-time and global movement of money
JACKSONVILLE, Fla.--(BUSINESS WIRE)-- FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology, today announced the launch of PayNet™, the industry’s first global real-time payments network for domestic and international money movement for both retail and commercial trade.
FIS’ PayNet addresses the growing demand for real-time global money movement. Designed to provide real-time access to deposit accounts enabling instant authorization of transactions, PayNet is a non-card-based solution for E-commerce, person-to-person (P2P), bill pay, mobile and international money movement. The solution leverages FIS’ network assets for real-time account access, settlement between parties, interchange processing, multi-currency conversion and exception processing. Built using open architecture, PayNet is easily integrated using standard XML to support financial institutions as well as emerging digital payment models.
The solution will revolutionize global money movement. With PayNet, a consumer can send money to another consumer – even across the globe – and have it arrive in real time, or pay a bill through bill pay and have the money arrive in real time. Through traditional ACH methods, consumer payments can take days to process depending upon payment destination. Digital payments and mobile are simplified with real-time verification of funds availability benefitting both the consumer and the financial institution which will experience lower fees and less risk. PayNet connects directly to deposit accounts within a financial institution to enable real-time transaction verification as an alternative to ACH or wires. PayNet will also ease financial institutions’ ability to comply with Dodd-Frank requirements for international money transfer.
Designed with Dodd-Frank in mind, PayNet includes items such as the right to cancel a transaction up to 30 minutes after transmission and full fee disclosure at the point and time of origination. Currently in its initial rollout stage with 200 financial institutions, PayNet is expected to be available industry-wide in early 2013.
PayNet leverages the global processing capability, secure infrastructure and more than 25-year transaction processing experience of FIS’ branded payments network (NYCE®) to maximize real-time, multi-currency authorization and settlement. PayNet, as a new FIS payments network, will be available to all financial institutions worldwide.
FIS is committed to delivering innovative payment solutions to the markets it serves. The launch of PayNet underscores FIS’ strategic focus to be on the forefront of real-time global money movement and the leading provider of real-time banking and payment solutions. FIS delivers global connectivity and empowers financial and non-financial institutions to drive new sources of revenue and profit from emerging payment opportunities. The launch of PayNet follows announcements of two other innovative payments offerings earlier this year, FIS Mobile Wallet and FIS Prepaid Travel EMV® Cards.
“There has been a distinct global market shift toward real-time authorization and settlement as the key to driving emerging digital payment opportunities,” said Anthony Jabbour, executive vice president, FIS North American Financial Institutions. “PayNet addresses this shift – empowering organizations to drive significant efficiencies, revenues and profit within such categories as E-commerce, retail, commercial and mobile P2P, bill pay and mobile payments. We are extremely pleased with the added value PayNet will bring to FIS and our clients, as well as how it will revolutionize the payments industry.”
A true global payments leader, in 2011 alone FIS processed more than 316 million bill payments for more than 6 million bill pay accounts. The company also managed approximately 680 million prepaid card transactions – representing over $35 billion in value.
FIS (NYSE:FIS) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
Kim Snider, 904.438.6278
FIS Global Marketing and Communications
Mary Waggoner, 904.438.6282
Senior Vice President
FIS Investor Relations
Source: Fidelity National Information Services