EverBank enlists FIS for P2P payments

The majority of consumers want person-to-person (P2P) payments from their primary financial institution, and FIS, the world's largest provider of banking and payments technology solutions and a global leader in consulting and outsourcing solutions, is leading the way in making it a reality. Florida-based EverBank recently partnered with FIS to provide FIS People Pay to its clients.

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People Pay allows users to pay anyone with an e-mail address or mobile phone number, and recipients can receive funds directly to their bank account, or via gift card, check or thru integration with other P2P payment networks. People Pay's tight integration with a financial institution's systems eliminates funding risks and exceptions as all transactions are instantly debited directly from the sender's account. People Pay utilizes FIS' PayNet network, which powers instant money movement between deposit accounts of consumers and businesses.

EverBank was attracted to the solution's financial institution-centric design, which connects account holders through an institution-branded mobile app or online portal. And because People Pay allows for true instant transfers of funds, which studies have shown customers are willing to pay for, the bank liked the opportunity for a new revenue stream.

"EverBank clients want to be able to quickly send payments online or from their mobile phones to friends, family or colleagues, using just an e-mail or mobile number, and they trust us to provide those payment services safely and securely," said Vincent Amato, EverBank senior vice president and director of banking operations. "FIS People Pay allows us to provide such a service, fully branded to our bank, so our clients have the safe, secure payment services they're looking for."

FIS People Pay was designed as a real-time payment solution from the ground up. As a result, consumers – both senders and receivers – can intuitively elect to use instant payments, without concerns about limited interoperability or restrictions of legacy payment networks, or awkward interactions resulting from retrofitting faster payment capabilities on existing solutions. People Pay was developed to meet the needs of consumers and financial institutions, enabling customers to send and receive payments in the manner that works best for them and their institution.

"Studies have shown that customers are not only interested in instant money movement, but also that they want their financial institution to provide it, and they're willing to pay for the ability," said Nancy Langer, division executive, FIS ePayment Solutions, pointing to a 2013 FIS study that found strong interest in real-time payments amongst consumers. "P2P payments can serve as a way to establish a relationship with younger and mobile-first customers and to set your financial institution apart from competitors. And when you can offer a system that was designed specifically for customers, you give them the ability to send money as they see fit." 

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