Payments as a Service Customer Journey - FIS Global

AnneRetired

About Anne
  • Age: 66
  • Status: Married
  • Children: Yes, 2 Children plus 5 grandchildren
  • Homeowner: Yes
  • Job: Retired
Anne’s Challenges:
  • Accessing her savings instantly so that she doesn't miss out on a Black Friday deal!
FIS Solutions
  • Payments as a Service (PaaS) - a fully managed and hosted end-to-end payments service providing access to Faster Payments, Bacs, CHAPs and SCT Inst, with Open API, reconciliation, settlement and AML screening options.

AnneRetired

Learn More
X About Anne
  • Age: 66
  • Status: Married
  • Children: Yes, 2 Children plus 5 grandchildren
  • Homeowner: Yes
  • Job: Retired
Anne’s Challenges:
  • Accessing her savings instantly so that she doesn't miss out on a Black Friday deal!
FIS Solutions
  • Payments as a Service (PaaS) - a fully managed and hosted end-to-end payments service providing access to Faster Payments, Bacs, CHAPs and SCT Inst, with Open API, reconciliation, settlement and AML screening options.

Anne has been saving for a new sofa and sees a Black Friday deal on the perfect one. Using online banking, she instructs her savings provider to move money from her savings account to her current account with another institution, instantly.

Confirmation of Payee shows that Anne entered the correct account details. Her savings provider connects to FIS PaaS via an API to initiate the transaction.

FIS PaaS conducts AML screening and initiates the payment to the ACH (Faster Payments) in real time.

In seconds the money has moved from her savings to her current account.

While Anne's payment providers settle the transaction, she heads back to the retailer's website, excited to order the sofa of her dreams.

In a few clicks, Anne has made the purchase. The retailer sends her a Request to Pay. She pays the retailer a deposit via Faster Payments and schedules a future payment for the balance.

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Online Banking
Anne logs on to her online savings account and initiates a payment from there to her current account. Anne's Savings provider used to access Faster Payments via an agency bank service which meant sending a batch file which could delay the transactions by 15 minutes or more. Now they access the UK payment schemes via Payments as a Service (PaaS) and can execute transactions instantly with full visibility of the transaction. Learn More >
Bank Payment Service
When Anne makes a payment, she issues a Faster Payment instruction. FIS’ Payments as a Service (PaaS) receives and processes Faster Payments as well as Bacs, CHAPS and SCT Inst payments. The specifications for the Confirmation of Payee Service are being developed by the NPSO in the UK. The service will show that the account number provided corresponds to the desired Payee. Learn More >
ACH: Faster Payments
PaaS validates and routes to the Faster Payments scheme and on to the receiving bank, who also happen to use PaaS. Optionally PaaS can provide AML screening before a transaction is initiated. PaaS receives the transaction success and sends this to the Savings Provider who can debit the account. Separately PaaS sends a credit notification to the receivers Current Account Provider via an API connection as they use PaaS too. Learn More >
Reconciliation and posting in Core Banking
Because of the real-time nature of the payment and the API connections to PaaS, both payer and payee can see the debit/credit via their e-banking channels. As Anne can see the transaction has gone through instantly this gives her great confidence in her payment service and for her payment providers it means far less customer service issues and complaints. Learn More >
Settlement
Optionally through the PaaS service rich settlement reporting is provided so that settlement can be conducted with the Bank of England. Learn More >
Point of Sale ACH
The specifications for the Request to Pay service are being developed by the NPSO in the UK. The retailer sends a Request to Pay to Anne inviting full or partial payment. Anne instructs an immediate Faster Payment transaction for the deposit in response to the Request. This is executed by her current account provider through Paas. She sets up a future payment for the balance tied to the same request to pay. Learn More >
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