FIS, a provider of banking and payments technology, is launching PayNet, a real-time payments network for domestic and international money movement for both retail and commercial trade (view press release). The solution has been designed to provide real-time access to deposit accounts, enabling instant authorisation of transactions. It is also a non-card based solution for e-commerce, P2P, bill pay, mobile and international money movement.
Users of PayNet will be able to send money to friends and family around the world or pay a bill and have the money arrive in real time. The solution connects directly to deposits accounts within a financial institution, enabling real-time transaction verification as an alternative to ACH or wires.
PayNet has been rolled out to 200 financial institutions, with industry-wide release expected in early 2013.