FIS (NYSE: FIS), a global firm focused on financial technology, announced that it is unlocking the Neural Payments solution to its clients, expanding the availability of peer-to-peer (P2P) payments by leveraging the company’s global scale and NYCE debit rails to bring this capability to a wider range of institutions.
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 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.”
Chris Como, Head of Cards and Money Movement at FIS said:
“A recent FIS UK surveyi shows that mobile banking capabilities are the top reason for every generation’s loyalty to their primary bank. This combination of our industry reach and our NYCE debit rails with Neural Payments’ innovative technology will greatly help streamline money movement for today’s economy and the increasingly digital consumer. It illustrates our commitment to unlocking financial technology for the world, and I’m excited to begin introducing these capabilities to our client institutions.”
P2P applications are widely used and continue “to experience robust growth, bridging gaps across generations and digital accessibility.”
According to Neural Payments, over 80% of consumers report “having utilized a P2P service, with frequent use on a weekly basis.”
The worldwide market for P2P payments “was estimated to be worth $2.21 trillion in 2022 and is anticipated to reach approximately $11.62 trillion by 2032 based on a report by Precedence Research.”
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.”
Mick Oppy, Co-Founder and CEO at Neural Payments:
“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. 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.”
As covered, FIS is a financial technology company “providing solutions to financial institutions, businesses, and developers.”
They unlock financial technology to the world “across the money lifecycle underpinning the world’s financial system.”
Their 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.”
Their expertise comes from 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 Jacksonville, Florida, FIS is “a member of the Fortune 500® and the Standard & Poor’s 500® Index.”
