Bank tech provider FIS has announced a new peer-to-peer mobile payment product called FIS People Pay, a white label product aimed at financial institutions. The P2P product lets bank customers and credit union members send payments to others through their FI's mobile banking site using only an email address or mobile phone number.
FIS People Pay is built on the FIS PayNet payments network, which movea funds in real-time; it also uses FIS fraud monitoring solutions, the company said.
"FIS is focused on investing in innovations that bring direct value to our clients and the customers they serve, and the launch of FIS People Pay is a definite proof point of that strategy," said Nancy Langer, division executivefor e-payment solutions at FIS.
Langer said FIS has seen bill pay transaction volumes increase by 20 percent, and that the company's 14,000 FI clients are looking for a next-generation P2P solution.
"We believe real-time P2P is a critical facet of the broadening set of consumers' digital money movement needs," Langer said. "FIS People Pay delivers not only advanced P2P capabilities, but keeps financial institutions at the center of the digital money movement."
Read more about money transfer/P2P services.