India developers of FIS contribute key banking and payments technology
Bangalore, October 23 2012: The world’s largest provider of banking and payments technology, -- FIS -- has launched the industry’s first global real-time payments network for domestic and international money movement for both retail and commercial trade. It’s called PayNet and is a non-cardbased solution for E-commerce, person-to-person (P2P), bill pay, mobile and international money movement. PayNet is easily integrated using standard XML to support financial institutions as well as emerging digital payment models.
With PayNet, a consumer can send money to another consumer – even across the globe – and have it arrive in real time, or pay a bill through bill pay and have the money arrive in real time. Through traditional ACH methods, consumer payments can take days to process depending upon payment destination. PayNet includes items such as the right to cancel a transaction up to 30 minutes after transmission and full fee disclosure at the point and time of origination. Currently in its initial rollout stage with 200 financial institutions, PayNet is expected to be available industry-wide in early 2013.
The launch of PayNet follows announcements of another payments offerings earlier this year, FIS Mobile Wallet ( see our video for a few days in the Tech Video spot on our home page, www.indiatechonline.com ).
The FIS Mobile suite includes:
-A tablet app that lets a customer conduct mobile banking via visual interaction, easy navigation and rich functionality.
-A cloud-based payment service, FIS Mobile Wallet, which lets consumers use their smartphones to make purchases electronically at the point-of-sale or for online shopping.
The FIS Business Mobile solution also provides small-business customers the convenience of business banking on their mobile device ATM leader: In India FIS is best known for its dominant position, deploying and managing more than 3500 ATMS across the country… a number that is poised to grow to 5500 with recent tie-ups with India-based banks. The company has been year for 15 years.
In a special briefing for IndiaTechOnline, Raja Gopalakrishnan, FIS’ Group Managing Director- Asia, said the company’s leadership on the ATM landscape was because it was the only one able to offer ATM switching, terminal , card and back office services. With five offices in India and significant infrastructure investments in the offing, the country was already one of the top three focus markets for FIS. And with some 21% of its 7000 plus work force based here, India was also its largest development centre outside of the US.
Whie the FIS centre in Bangalore contributed to core banking solutions, the Chennai location concentrated on payments solutions, Raja added.