FIS Modern Banking Platform
Advance your bank with a modern core platform.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
FIS Modern Banking Platform
Advance your bank with a modern core platform.
Data Restore
Protection from disaster.
Code Connect
The power of APIs with the scale of FIS.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
FIS Private Capital Suite
Data Exchange Solutions.
IFRS17
The right strategy for transformation.
Commercial Lending
Speed up the decision process.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
Worldpay is now FIS. Your experience is our top priority. We’re here to help.
The Federal Reserve Faster Payments Task Force aims to bring faster payments to consumers and businesses in the United States by the year 2020. Though our 2017 Flavors of Fast report counted 25 live global faster payments schemes, and 11 firmly in development, the arrival of a faster payments scheme in the U.S. marks a significant change for how consumers, corporates and financial institutions will experience money movement in the future. Despite that a faster payments ecosystem will usher the U.S. into a new era ripe for payments innovation, FIS Co-Chief Operating Officer Bruce Lowthers says it can mean significant challenges for financial institutions.
Yet, as Lowthers explains in a recent piece featured on PaymentsSource, there are best practices financial institutions in the U.S. can apply to their own faster payments strategy, based on other global payments schemes. For example, those institutions who establish a leadership position in their respective scheme are typically equipped with systems that are agile and innovative, and that create contextual relevance, for a host of use cases.
Financial institutions in the U.S. should also consider how other global payments schemes could have bearing on future expectations for money movement in the United States. Now that Europe’s PSD2 (second Payment Services Directive) is in effect, for example, banks in that region are required to provide regulated third-party providers access to information required to initiate payments. This shift to open banking could eventually influence the standards and expectations for acceptable service levels and payments capabilities around the globe.
At FIS, we know that determining how, when and why to enter the faster payments ecosystem is no small feat for a financial institution—regardless of its size, customer base, or available resources. That’s why we’ve invested in tools like our Real-Time Incubator service, which launched in 2017, to help financial institutions find a cost-effective and feasible entry-point for connecting in The Clearing House’s real-time payments system, RTP. In Fall 2017, the first official real-time transaction in the United States was successfully executed over the RTP. In December 2017, Fifth Third Bank announced that it selected FIS to help it enable real-time payments through the RTP, with plans to go-live in 2018.
That timeline is just one example of why financial institutions cannot afford to sit on the sidelines of the United States’ faster payments ecosystem until 2020.
Tags: Innovation, Payments, Technology
Let's work together to reach your goals. Contact us at the links below and a representative will be in touch.
We are here to help you and your business. Contact us using the button below.
Learn more©2021 FIS. Advancing the way the world pays, banks and invests™