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October 3, 2012updated 04 Apr 2017 4:13pm

FIS launches real-time payment network

US payment service provider FIS has launched the first global real-time payment network. PayNetallows user to make instant money transfers across the world, FIS claims It can be used to make retail, commercial, e-commerce and person-to-person (P2P) transactions, as well as for billing

By Chiara Francavilla

US payment services provider FIS has launched a global real-time payment network.

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FIS said the PayNet system allows user to make instant money transfers across the world. It can be used to make retail, commercial, e-commerce and person-to-person (P2P) transactions, as well as for billing.

PayNet is a cardless service that connects directly to deposit accounts within a financial institution. FIS says that it will provide an alternative to existing international payment options such as wire transfers or automated clearing house (ACH) transfers.

Anthony Jabbour, FIS North American Financial Institution vice president said there has been a distinct global market shift toward real-time authorisation and settlement as the key to driving emerging digital payment opportunities.

“PayNet addresses this shift – empowering organisations to drive significant efficiencies, revenues and profit within such categories as e-commerce, retail, commercial and mobile P2P, bill pay and mobile payments,” he concluded.

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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