PayNet
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.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
