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.
This innovative product suite is designed to provide global, real-time access to financial information in unique ways.
Currently, PayNet’s real-time infrastructure is in production with 200 institutions and is being expanded for additional usage on both a domestic and international basis. Additionally, other large financial institutions and large money center banks in the U.S. and around the globe that are joining PayNet are reviewing applicability for their institution. FIS expects expanded usage in 2013 to allow PayNet access to 80 percent of demand deposit accounts (DDAs) in the U.S. as well as access to major international markets.
Authenticate, Verify, Accelerate and Optimize
PayNet enables global access to deposit accounts without requiring card information. As an open network, it was designed to facilitate real-time debits, credits and enhanced transaction inquiries both domestically and across international boundaries. It is a global money movement solution that can enable emerging transactions in E-commerce, mobile, P2P, cross-border remittance and bill pay. Routing and transit (R&T) and account number information captured by acquirers is processed via PayNet, powering critical account access services across multiple channels.
For more information, please direct inquiries to:
Client Services: 800.872.4047
E-mail: paynet@fisglobal.com
PayNet features include:
- Real time – The ability to reach business and consumer bank accounts in sub-seconds at reduced costs
- Global – The ability to have a global reach to business and consumer bank accounts
- Open – Utilizing the latest Web services and open Application Programming Interface (API) technology to provide for easy and quick integration
- Flexible – PayNet will be able to use various mediums (routing and transit, bank account, PAN) to originate and receive transactions
PayNet: Real-time Payments:The Time Has Come