Of Special Interest
Filters
- Newslink Trends-The Global Strategic Perspective
- Juniper Research says digital wallet users to exceed 4.4 billion by 2025, as mobile drives digital payments’ revolution
- Criminals exploit COVID-19 pandemic with rise in scams targeting victims online
- Equifax says Open Banking proving pivotal to pandemic lending
- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
- Mintos says Europeans are starting to embrace investing
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
5th October 2012
FIS PayNet, a new global real-time payment network
Opinion
FIS announced the launch of PayNet, described as "the industry’s first global real-time payments network for domestic and international money movement for both retail and commercial trade."
FIS went on to describe PayNet as, "Designed to provide real-time access to deposit accounts enabling instant authorization of transactions, PayNet is a non-cardbased solution for E-commerce, person-to-person (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. Built using open architecture, PayNet is easily integrated using standard XML to support financial institutions as well as emerging digital payment models. . . The solution will revolutionize global money movement. With PayNet, a consumer can send money to another consumer – even across the globe – and have it arrive in real time, or pay a bill through bill pay and have the money arrive in real time..."
“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.”
A very high number of new product announcements describe the product as revolutionary. FIS may be right however when they use this tag. As one of the biggest players in the payment market they may bring about a revolution of faster and cheaper international payments. This will depend on their ability to persuade banks to set rates high enough for the bank to make a turn whilst not so high as to put off the individual and small business. Although the current low global interest rates have lessened the value, banks still gain substantially from the delays normally imposed on international money transfers in addition to the high fee levels for such transactions. The growing number of alternatives have increasingly put the future of such restrictive practices and high profit bank payments under pressure. FIS could be the one to lead an alternative that is fairer for those involved in international payments.
To make the system regulatory compliant it includes the right to cancel for 30 minutes after transmission and full fee disclosure. The system is in 'initial rollout' with 200 institutions and is expected to be rolled out industry wide early 2013. FIS plans to make the system available to all financial institutions worldwide.