FIS™ (FIS), the world's largest provider of banking and payments technology, today announced the launch of PayNet™, the industry's first global real-time payments network for domestic and international money movement for both retail and commercial trade.

PayNet real-time payments network
PayNet™ is the global, real-time, cross-network money movement solution from FIS™. In order to address increasing demand for real-time transactions and a growing business customer demand for digital business-to-business (B2B) transactions, PayNet developed a secure, open architecture platform that serves as the utility for financial transactions. Built using open architecture, PayNet, FIS claim, is easily integrated using standard XML to support financial institutions as well as emerging digital payment models.

PayNet™

Source & Copyright©2012 - FIS

It provides real-time access to deposit accounts enabling instant authorization of transactions, PayNet is a non-card-based solution for E-commerce, person-to-person (P2P), bill pay, mobile and international money movement. The solution uses FIS' network assets for real-time account access, settlement between parties, interchange processing, multi-currency conversion and exception processing.

A revolution?
FIS believes that this 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. Through traditional ACH methods, consumer payments can take days to process depending upon payment destination. Digital payments and mobile are simplified with real-time verification of funds' availability benefiting both the consumer and the financial institution which will experience lower fees and less risk. PayNet connects directly to deposit accounts within a financial institution to enable real-time transaction verification as an alternative to ACH or wires. PayNet will also ease financial institutions' ability to comply with Dodd-Frank requirements for international money transfer.

Rollout
Designed with Dodd-Frank in mind, PayNet includes items such as the right to cancel a transaction up to 30 minutes after transmission and full fee disclosure at the point and time of origination. Currently, in its initial rollout stage with 200 financial institutions, PayNet is expected to be available industry-wide in early 2013.

PayNet leverages the global processing capability, secure infrastructure and more than 25-year transaction processing experience of FIS' branded payments network (NYCE®) to maximize real-time, multi-currency authorization and settlement. PayNet, as a new FIS payments network, will be available to all financial institutions worldwide.

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This could revolutionise 'global money movement' ... eventually. It will be fascinating how the banks make use of PayNet. Ask your bank in early 2013 if and how they are going to use this solution.