Worldwide, people make more than $1.7 trillion in non-cash payments every year. Making those payments as instant and open as cash is a top priority for FIS™ (NYSE: FIS), a global leader in financial services technology and, it has made great headway toward such a goal by putting payments solutions in place around the world.
FIS’ Open Payment Framework (OPF) and the applications derived from this state-of-the-art technology are built to enable customer-facing organizations to offer more insight, lower costs and enhanced flexibility to better manage consumer adoption. OPF already has been implemented this year by financial institutions in Hong Kong, India and Canada to facilitate cross-border, ACH and wire transfers, and to provide customers with a single view on all their payments.
Meanwhile, in Australia, FIS secured several wins in the National Payments Platform (NPP) program, which is designed to bring real-time payments to consumers across the country. In Australia, FIS will provide open, flexible payments support that will move money instantly across any channel.
FIS’ OPF regional solutions, which branch from its global standard payment hub, also will be able to support new schemes as they appear in the Eurozone and the United States.
“Real-time payments are about more than just speed. They’re about creating frictionless commerce, and a financial world in which the entire payment process – from the sale and invoicing to funds transfer to processing to reconciliation – occurs easily and immediately,” said Anthony Jabbour, chief operating officer, Banking & Payments, FIS. “An open payments system can also provide opportunities for financial institutions to help both commercial and retail customers better understand and manage their financial picture with greater ease.”
FIS will demonstrate its ability to help banks succeed with a full demo of new solutions around instant payments and open API banking at Sibos in Geneva. The demo will highlight fully open and instant ways to initiate, settle and clear payments, as well as show the superior operations and bank liquidity insight that comes with instant account and transaction reconciliation. Visit FIS’ booth E28 at Sibos to see these solutions close up.