FIS and Neural Payments Partner on P2P Payment Service

FIS and Neural Payments have partnered to help banks offer peer-to-peer (P2P) payment capabilities to their customers.

This collaboration will make Neural Payments’ P2P payment solution available via FIS’ NYCE debit rails, enabling more financial institutions to access it, the companies said in a Thursday (Aug. 15) press release.

“This combination of our industry reach and our NYCE debit rails with Neural Payments’ innovative technology will greatly help streamline money movement for today’s economy and the increasingly digital consumer,” Chris Como, head of cards and money movement at FIS, said in the release.

The Neural Payments platform allows bank customers to transfer money from their account to anyone, even if the recipient’s financial institution doesn’t utilize Neural Payments, according to the release. Recipients don’t have to download a third-party app or register a new card, either; they will be prompted to collect the funds through their choice of mobile wallet or debit card.

Now, with the new collaboration, FIS will enable this solution to be embedded within the mobile banking apps of its financial institution clients, per the release. Doing so allows bank customers to send P2P payments within those apps, without having to use a separate app.

“This solution is already reshaping the P2P landscape with its open-loop system that transcends traditional banking boundaries,” Mick Oppy, co-founder and CEO at Neural Payments, said in the release. “As a global leader in financial technology, FIS will help us extend that reach to provide a payment service that finally delivers on the promise of P2P, allowing money to be moved safely, inexpensively and through the broadest possible number of networks.”

Consumers are turning to P2P apps for quick and easy money transfers, according to the PYMNTS Intelligence and The Clearing House collaboration, “P2P Payment Potential: Promoting Convenience While Protecting Consumers.”

With 51% of Americans using P2P regularly, consumers are increasingly expecting their primary financial institutions to offer P2P capabilities, the report found.

FIS has also made some other additions to its product offerings in recent months. These include deposit optimizing tools offered via a collaboration with Curinos; a digital lending solution created in partnership with Lendio; and new biometric and money movement capabilities added to the FIS mobile banking application for financial institutions.