FIS has announced that it is integrating PayPal's person-to-person (P2P) payment system into the FIS online bill payment application for financial institutions. FIS says that "by integrating paperless P2P functionality into its online bill payment application, FIS empowers banks and credit unions to simultaneously solve for a real consumer need and drive increased transaction activity at the online channel."
"Adding electronic person-to-person payments to our bill pay solution is the intersection of financial institutions` cost cutting objectives and consumers` desire to centralize their paperless transactions with their trusted bank or credit union," said Frank D`Angelo, executive vice president, FIS Payment Solutions Group.
Seamlessly adding electronic P2P into FIS online bill pay has the effect of creating a user-friendly experience for the new service. When a sender initiates a personal payment and selects the free electronic option, the receiver`s email address is simply entered to complete payment. From there an email immediately notifies the receiver of the payment, which is delivered in real-time over PayPal`s network.
"One way for a financial institution to reduce cost is to increase its electronic bill pay rate," D`Angelo continued. "At the same time, consumers are demanding the ability to make more paperless transactions, specifically P2P. What FIS is creating is a centralized, full service bill pay application that fosters a deeper relationship for a financial institution with its consumers, encourages increased use and adoption of bill pay, and attracts valuable market recognition to the institution that`s leading the way in P2P."
"FIS is the first provider to embed PayPal`s secure global payment system within its online banking application," said Dan Schatt, senior director and head of Financial Innovations, PayPal. "The integration of FIS and PayPal technology has great potential to strengthen the bond between a consumer and their financial institution. By leveraging PayPal's open global payments platform, FIS will allow banks and credit unions to pay anyone with an email address, in more than 60 countries, all from the comfort of their financial institution`s website."