Press Release 
 View printer-friendly version |
| << Back |
| FIS Chooses PayPal To Facilitate Person-To-Person Payments |
FIS positioning financial institution online bill pay as the central location for electronic person-to-person transactions
By integrating paperless P2P functionality into its online bill payment
application, FIS empowers banks and credit unions to simultaneously
solve for a real consumer need and drive increased transaction activity
at the online channel. According to a recent TowerGroup report1,
the U.S. non-cash person-to-person payments market was composed of more
than 3 billion transactions in 2008; and more than 90 percent of the
dollar volume was paid via check at an estimated cost of
“Adding electronic person-to-person payments to our bill pay solution is
the intersection of financial institutions’ cost cutting objectives and
consumers’ desire to centralize their paperless transactions with their
trusted bank or credit union,” said Frank D’Angelo, executive vice
president, Seamlessly adding electronic P2P into FIS online bill pay has the effect of creating a user-friendly experience for the new service. When a sender initiates a personal payment and selects the free electronic option, the receiver’s email address is simply entered to complete payment. From there an email immediately notifies the receiver of the payment, which is delivered in real-time over PayPal’s network. “One way for a financial institution to reduce cost is to increase its electronic bill pay rate,” D’Angelo continued. “At the same time, consumers are demanding the ability to make more paperless transactions, specifically P2P. What FIS is creating is a centralized, full service bill pay application that fosters a deeper relationship for a financial institution with its consumers, encourages increased use and adoption of bill pay, and attracts valuable market recognition to the institution that’s leading the way in P2P.”
“FIS is the first provider to embed PayPal’s secure global payment
system within its online banking application,” said
FIS delivers banking and payments technologies to more than 14,000
financial institutions and businesses in more than 90 countries
worldwide. FIS provides financial institution core processing, and card
issuer and transaction processing services, including the NYCE Network.
FIS maintains processing and technology relationships with 40 of the top
50 global banks, including nine of the top 10. FIS is a member of
Standard and Poor's ( Forward-Looking Statements
This press release contains forward-looking statements that involve a
number of risks and uncertainties. Statements that are not historical
facts, including statements about our beliefs and expectations, are
forward-looking statements. Forward-looking statements are based on
management's beliefs, as well as assumptions made by, and information
currently available to, management. Because such statements are based on
expectations as to future economic performance and are not statements of
fact, actual results may differ materially from those projected. We
undertake no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise. The
risks and uncertainties which forward-looking statements are subject to
include, but are not limited to: changes in general economic, business
and political conditions and other risks detailed in the “Statement
Regarding Forward-Looking Information,” “Risk Factors” and other
sections of the Company’s Form 10-K and other filings with the
1 TowerGroup, “Noncash P2P Payments: Checks in Decline Still
Rule the Roost,”
Source: FIS
Marcia Danzeisen, 904.854.5083
|
 Print Page |  E-mail Page |  RSS Feeds |  E-mail Alerts |
