FIS has announced the launch of PayNet, "the industry’s first global real-time payments network for domestic and international money movement for both retail and commercial trade."
“There has been a distinct global market shift toward real-time authorization and settlement as the key to driving emerging digital payment opportunities,” said Anthony Jabbour, executive vice president, FIS North American Financial Institutions. “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. We are extremely pleased with the added value PayNet will bring to FIS and our clients, as well as how it will revolutionize the payments industry.”
PayNet is a non-card-based solution for eCommerce, P2P, bill pay, mobile and international money movement. The solution leverages FIS’ network assets for real-time account access, settlement between parties, interchange processing, multi-currency conversion and exception processing.