August 24, 2018 08:00 AM
Tackling the Many Asks of Real-Time Money Movement
Venmo. Cash App. PayPal. We’re all familiar with these popular methods of sending money quickly. But if we look closer at real-time money movement, fast is not enough. Consumers also expect full control of their payments.
Businesses want risk-free payment delivery. And banks emphasize the need for seamless settlement. With about 75% of $4 trillion+ of U.S. bill payments flows through digital channels (according to Aite Group data), robust solutions are required – and the FIS suite of real-time payment solutions goes a long way to pleasing all the people all the time.
As the world’s largest provider of banking and payments technology, FIS has been paving the way for real-time bill pay for over a decade now. In 2012, the company launched PayNet™, the industry’s first global real-time payments network. The solution allows customers to pay bills through bill pay and have the money arrive in real time.
The company also created FIS Bill Pay, which empowers customers to gain control of payment reminders. In 2017, the global leader piloted Same Day ACH in Bill Pay. The solution will be available to billers soon.
An overwhelming majority of consumers want person-to-person payments from their primary financial institution. According to a study by Javelin Strategy & Research, the number of U.S. mobile P2P users will grow from 69 million in 2015 to 126 million by 2020.
FIS has been at the forefront of this trend since 2013, when it launched People Pay. The mobile and online-based solution allows users to pay anyone with an e-mail address or mobile phone number. Recipients can receive funds directly to their bank account, or via gift card, or through integration with other P2P payment networks. FIS People Pay features a proven fraud monitoring solution for risk management.
The recent PACE™ Report from FIS revealed mobile P2P adoption has increased 45 percent over the last year, and many consumers are asking for bank-centric solutions over 3rd party. To meet that demand, FIS partnered with Early Warning in 2016 to expand its real-time payments suite to include the Zelle Network® P2P service.
Zelle® allows customers to send money directly between almost any U.S. bank account in real time. And because it’s connected to the user’s bank account, settlements clear within minutes. In 2017, FIS launched their Rapid Deployment Service with Zelle®, allowing banks and credit unions to accelerate payment delivery without the development time and cost.
Want to learn more? Join FIS’ Director of Digital Payments, Norm Marraccini, as he presents Partnership with Zelle® for P2P Payments on Tuesday, August 28th, at NCR Innovation Conference 2018.