FIS Leverages Scale and NYCE Debit Network to Enable Streamlined Peer-to-Peer Payment Capabilities within Digital Banking Platforms
FIS, a global financial technology leader, has announced a partnership with Neural Payments to enhance peer-to-peer (P2P) payment capabilities for its clients. The collaboration leverages FIS's NYCE debit rails and global scale to simplify P2P transactions. Key features include:
1. Integration within institutions' mobile banking apps, eliminating the need for separate P2P applications.
2. Recipients can accept funds even if their institution doesn't use Neural Payments.
3. Payments can be settled via mobile wallets, debit cards, FedNow, and The Clearing House RTP.
4. The P2P market is projected to grow from $2.21 trillion in 2022 to $11.62 trillion by 2032.
This partnership aims to streamline money movement for the increasingly digital consumer and is available for immediate use by financial institutions of all sizes.
FIS, un leader globale nella tecnologia finanziaria, ha annunciato una partnership con Neural Payments per migliorare le capacità di pagamento peer-to-peer (P2P) per i suoi clienti. La collaborazione sfrutta i NYCE debit rails di FIS e la sua scala globale per semplificare le transazioni P2P. Le caratteristiche principali includono:
1. Integrazione all'interno delle app di mobile banking delle istituzioni, eliminando la necessità di applicazioni P2P separate.
2. I destinatari possono accettare fondi anche se la loro istituzione non utilizza Neural Payments.
3. I pagamenti possono essere regolati tramite portafogli mobili, carte di debito, FedNow e The Clearing House RTP.
4. Si prevede che il mercato P2P cresca da 2,21 trilioni di dollari nel 2022 a 11,62 trilioni di dollari entro il 2032.
Questa partnership mira a semplificare il movimento di denaro per il consumatore sempre più digitale ed è disponibile per un uso immediato da parte di istituti finanziari di tutte le dimensioni.
FIS, un líder global en tecnología financiera, ha anunciado una asociación con Neural Payments para mejorar las capacidades de pago entre pares (P2P) para sus clientes. La colaboración aprovecha los NYCE debit rails de FIS y su escala global para simplificar las transacciones P2P. Las características clave incluyen:
1. Integración dentro de las aplicaciones de banca móvil de las instituciones, eliminando la necesidad de aplicaciones P2P separadas.
2. Los destinatarios pueden aceptar fondos incluso si su institución no utiliza Neural Payments.
3. Los pagos se pueden liquidar a través de billeteras móviles, tarjetas de débito, FedNow y The Clearing House RTP.
4. Se proyecta que el mercado P2P crecerá de 2,21 billones de dólares en 2022 a 11,62 billones de dólares para 2032.
Esta asociación tiene como objetivo simplificar el movimiento de dinero para el consumidor cada vez más digital y está disponible para su uso inmediato por instituciones financieras de todos los tamaños.
FIS는 글로벌 금융 기술 리더로서 클라이언트를 위한 P2P(개인 간) 결제 기능을 강화하기 위해 Neural Payments와의 파트너십을 발표했습니다. 이 협력은 FIS의 NYCE 데빗 레일과 글로벌 규모를 활용하여 P2P 거래를 간소화합니다. 주요 특징은 다음과 같습니다:
1. 별도의 P2P 애플리케이션 없이 기관의 모바일 뱅킹 앱 내에서 통합.
2. 수취인은 기관이 Neural Payments를 사용하지 않아도 자금을 수령할 수 있습니다.
3. 결제는 모바일 지갑, 데빗 카드, FedNow 및 The Clearing House RTP를 통해 이루어질 수 있습니다.
4. P2P 시장은 2022년 2.21조 달러에서 2032년까지 11.62조 달러로 성장할 것으로 예상됩니다.
이번 파트너십은 점점 더 디지털화 되는 소비자를 위한 자금 이동을 간소화하는 것을 목표로 하며, 모든 규모의 금융 기관에서 즉시 사용할 수 있습니다.
FIS, un leader mondial en technologie financière, a annoncé un partenariat avec Neural Payments pour améliorer les capacités de paiement entre pairs (P2P) pour ses clients. Cette collaboration exploite les NYCE debit rails de FIS et son envergure mondiale pour simplifier les transactions P2P. Les caractéristiques clés incluent :
1. Intégration au sein des applications de mobile banking des institutions, éliminant ainsi la nécessité d'applications P2P séparées.
2. Les destinataires peuvent accepter des fonds même si leur institution n'utilise pas Neural Payments.
3. Les paiements peuvent être réglés via des portefeuilles mobiles, des cartes de débit, FedNow et The Clearing House RTP.
4. Le marché P2P devrait passer de 2,21 billions de dollars en 2022 à 11,62 billions de dollars d'ici 2032.
Ce partenariat vise à simplifier le mouvement d'argent pour le consommateur de plus en plus numérique et est disponible dès maintenant pour une utilisation immédiate par des institutions financières de toutes tailles.
FIS, ein führendes Unternehmen für Finanztechnologie, hat eine Partnerschaft mit Neural Payments angekündigt, um die P2P-Zahlungsfunktionen (Peer-to-Peer) für seine Kunden zu verbessern. Die Zusammenarbeit nutzt die NYCE Debit Rails von FIS und deren globale Reichweite, um P2P-Transaktionen zu vereinfachen. Zu den wichtigen Merkmalen gehören:
1. Integration innerhalb der mobilen Bankanwendungen der Institutionen, wodurch die Notwendigkeit separater P2P-Anwendungen entfällt.
2. Empfänger können Gelder akzeptieren, auch wenn ihre Institution Neural Payments nicht nutzt.
3. Zahlungen können über mobile Geldbörsen, Debitkarten, FedNow und The Clearing House RTP abgewickelt werden.
4. Der P2P-Markt wird von 2,21 Billionen Dollar im Jahr 2022 auf 11,62 Billionen Dollar im Jahr 2032 wachsen.
Diese Partnerschaft zielt darauf ab, den Geldtransfer für den zunehmend digitalen Verbraucher zu vereinfachen und steht Finanzinstituten aller Größenordnungen sofort zur Verfügung.
- Partnership with Neural Payments expands P2P payment capabilities for FIS clients
- Integration within existing mobile banking apps eliminates need for separate P2P applications
- Leverages FIS's global scale and NYCE debit rails for wider reach
- Supports multiple settlement options including mobile wallets, debit cards, FedNow, and The Clearing House RTP
- P2P market projected to grow from $2.21 trillion in 2022 to $11.62 trillion by 2032
- None.
Insights
FIS's partnership with Neural Payments marks a significant advancement in the P2P payment landscape. By leveraging FIS's NYCE debit rails and global reach, this collaboration could potentially disrupt the current P2P market dominated by standalone apps. The integration of Neural Payments into banks' existing mobile apps addresses a key pain point for users - the need for separate apps for P2P transfers.
The open-loop system allowing recipients to accept funds regardless of their bank's participation is a game-changer. This could accelerate adoption rates and transaction volumes, potentially boosting FIS's revenue streams. However, the success hinges on FIS's ability to onboard a critical mass of financial institutions quickly.
With the P2P market projected to reach
The integration of Neural Payments into FIS's offerings is a strategic move that addresses several market trends. With
The open-loop system is particularly noteworthy as it removes a significant barrier to P2P adoption - the need for both sender and recipient to use the same service. This could lead to network effects, rapidly expanding the user base as more institutions adopt the solution.
However, FIS will face stiff competition from established players like Venmo and Zelle. The success of this initiative will largely depend on the speed of adoption by financial institutions and the user experience provided. If executed well, this could significantly enhance FIS's position in the fintech market.
FIS's move to integrate Neural Payments' P2P solution directly into banking apps is a strategic response to the growing importance of mobile banking in customer retention. By enabling seamless P2P transfers within existing banking apps, FIS is helping its client institutions enhance their value proposition and potentially reduce customer churn.
The solution's flexibility in settlement options, including popular mobile wallets, debit cards, FedNow and The Clearing House RTP, demonstrates FIS's commitment to providing a comprehensive, future-proof offering. This versatility could be a significant selling point for financial institutions looking to modernize their services.
However, the success of this initiative will largely depend on adoption rates among FIS's client base and the ease of integration into existing systems. While the potential benefits are clear, banks may be hesitant to disrupt their current P2P arrangements or invest in new technology integration. FIS will need to provide compelling evidence of user demand and potential revenue gains to drive widespread adoption.
Key Facts
- FIS is teaming with Neural Payments to leverage its NYCE debit rails and scale to simplify the peer-to-peer (P2P) payment experience.
- FIS has enabled the Neural Payments solution to be embedded within an institution’s mobile banking app, eliminating the need to access a separate application to send or receive P2P payments.
- Neural Payments allows recipients to accept funds even if their financial institution doesn’t utilize it, instead prompting them to collect funds through their provider of choice.
Neural Payments’ innovative platform enables bank customers to transfer money from their account to anyone, regardless of whether the recipient’s institution utilizes Neural Payments and without the need to download a third-party app or register a new card. Payments can be settled via popular mobile wallets and debit card; with FedNow, and The Clearing House RTP available now. Recipients can claim their payment within seconds after funds are sent.
“A recent FIS
Why P2P Payments Matter
P2P applications are widely used and continue to experience robust growth, bridging gaps across generations and digital accessibility. According to Neural Payments, over
How FIS Enables the Neural Payments Solution
FIS will enable its financial institution clients to integrate Neural Payments’ white-label solution within the institution’s mobile banking app, so users will not need to visit a third party to send money. For conventional closed loop payments, linked debit accounts are settled in real-time within FIS clients’ existing products.
“Aligning with FIS to bring our white-label P2P offering to financial institutions is a natural next step in the evolution of our long-standing relationship,” said Mick Oppy, Co-Founder and CEO at Neural Payments. “This solution is already reshaping the P2P landscape with its open-loop system that transcends traditional banking boundaries. As a global leader in financial technology, FIS will help us extend that reach to provide a payment service that finally delivers on the promise of P2P, allowing money to be moved safely, inexpensively, and through the broadest possible number of networks.”
Neural Payments is an FIS Fintech Accelerator alumni and winner of the 2022 Demo Day Award.
Learn More
FIS’ offering of Neural Payments is available for immediate use by financial institutions, including banks of all sizes and credit unions. Interested institutions can learn more by emailing digitalsales@fisglobal.com.
About FIS
FIS is a financial technology company providing solutions to financial institutions, businesses, and developers. We unlock financial technology to the world across the money lifecycle underpinning the world’s financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow, and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240815618435/en/
Kim Snider, 904.438.6278
Senior Vice President
FIS Global Marketing and Communications
kim.snider@fisglobal.com
Source: Fidelity National Information Services
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