People Pay, a new P2P product from leading financial services company FIS, is designed as a white-label service banks and credit unions can incorporate into their online channels.
With a focus on real-time money transfers, FIS gets users closer to a “cash in/cash out” experience regardless of the recipient’s bank. The lack of portability across P2P solutions is a barrier to widespread consumer adoption and the product constructs, as described by FIS, attempt to solve that problem. The company cites some pilot statistics including average ticket size of about $60 and that group giving was a prominent use case.
From a PaymentsSource article:
“There are a number of ways we can make that transaction happen real-time, from our core integration that we do through the PayNet infrastructure, through our [electronic funds transfer] rails or through kind of a real-time [Automated Clearing House] methodology,” said Nancy Langer, the division executive of e-payment solutions at FIS.
The method FIS uses to process transfers depends on the origin and destination of the funds. When the sender and the recipient both use a bank that offers People Pay, the process is handled through PayNet’s direct integration with the core systems. When it’s to a customer at a bank that doesn’t offer People Pay, it’s handled across FIS’s EFT network or the ACH network.
Click here to read more from the press release.