FIS (NYSE: FIS), a global leader in financial technology, today announced it is one of the first providers in the fintech industry certified to enable send capabilities for credit transfers in the Federal Reserve’s FedNow® instant payment service.
The addition of send capabilities and real-time alerts will enable FIS’ financial institution clients to fully harness the entire FedNow service by providing their consumers and commercial borrowers with a modernized and unified digital payment experience.
“As money moves between banks, consumers, businesses and beyond in a complex cycle, credit and debit cards continue to play a leading role in the payment experience,” said Chris Como, Head of Cards and Money Movement at FIS. “However, slow or delayed transfers can harm customer loyalty when they need to pay loans, rent, or time-sensitive bills on any given day. Giving the end user direct access to send payments instantly using FedNow marks a huge milestone in our efforts to enable a harmonious payments experience for our clients and the customers they serve.”
Today’s announcement comes amid increasing demand for digital payments services that accelerate and ease how money is moved within the wider money lifecycle. While 74% of consumers used faster or instant payments in 2023, more than 70% of consumers and businesses looked to their financial institutions to provide these services, according to research from Federal Reserve Financial Services.
As one of the first in the industry to provide end users the ability to send instant payments, FIS continues to execute its vision to unlock financial technology to bring the world’s money into harmony.
Following the launch of FedNow in July 2023, FIS was quickly named as one of the first certified companies in the fintech industry after completing a comprehensive testing curriculum.