US banking and payments technology provider FIS has unveiled its latest real-time payments network PayNet, to enable domestic and international money movement for both retail and commercial trade.
The newly introduced payment gateway offers access to deposit accounts, thus facilitating instant authorization of transactions, settlement between parties, interchange processing, and multi-currency conversion, claims FIS.
According to FIS, PayNet is a Dodd-Frank compliment for overseas money transfer, which connects directly to deposit accounts within a financial institution to enable transaction verification as an alternative to ACH or wires.
Developed on open architecture, the system is a non-card-based service for E-commerce, person-to-person (P2P), bill payment, mobile and international money movement.
Contrary to traditional ACH methods, which takes days to make payment, the new PayNet sends and receives money instantly across the globe.
FIS North American financial institutions executive vice president Anthony Jabbour said real-time authorization and settlement of payment has played an important role in the digitalization of payment opportunities, globally.
"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," Jabbour added.
FIS processed over 316 million bill payments for more than 6 million bill pay accounts and also managed nearly 680 million prepaid card transactions worth more than $35bn, in 2011.
Headquartered at Jacksonville, Florida, FIS serves over 14,000 institutions in more than 100 countries, and offers payment processing and banking solutions to financial institutions.