FIS Modern Banking Platform
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Mark G. Majeske | vice president, real-time payments enterprise product office, FIS
October 23, 2020
As real-time payments gain a foothold in the U.S., consumers and businesses are turning to their financial institutions for the capability. Due in part to the proliferation of peer-to-peer (P2P) payment services, consumers are growing accustomed to instant payment gratification; nine out of ten small and medium-sized businesses (SMBs) want real-time payment processing and settlement options.
Real-time payments improve cash flow for banks and credit unions as well as their consumers by reducing pain points like bounced checks, overdraft charges and late payment fees. By providing business and individual customers with better, faster access to funds, financial institutions can enhance the overall customer experience, help drive loyalty and reduce customer attrition.
While implementing a real-time payments solution is in a financial institution’s best interest, accessing real-time payments from The Clearing House – the leading platform for real-time payments in the U.S. – can challenge small to mid-sized banks and credit unions that may not have the capital, staff and time to implement the integration themselves. Fortunately, a better alternative to self-integration exists.
Financial institutions that do not have the internal resources to connect to The Clearing House’s RTP network can partner with a third-party service provider that offers a complete real-time payments managed service. There are several advantages to going this route:
Real-time payments capability should be available to every federally insured financial institution in the U.S. regardless of size. Flexibility, security, speed and availability are all important considerations – as are the costs involved. A fully managed real-time payments service helps a financial institution meet consumer demand for faster payments without the expense and hassle involved in connecting to the RTP network themselves.
To learn more about how real-time payments can benefit your financial institution and your customers, and how you can connect to the RTP network through FIS, reach out to your FIS account manager or fill out our Contact Us form.
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