The financial technology company FIS and Banked, a
provider of open banking solutions, have partnered to boost the direct transfer of funds across banks. This
collaboration aims to harness the potential of open banking, APIs, and
real-time payment services.
According to the press release, businesses can
facilitate direct payments between accounts, bypassing the need for traditional
processes like the identification of card details or account numbers, using
instant payment channels. This process enables users to benefit from the flexibility of
open banking.
As open banking gains traction in the United States,
FIS aims to integrate the new feature into sectors such as insurance, higher
education, utilities, and governmental agencies.
Seamus Smith, the Group President for Global
Business-to-Business Payments at FIS, mentioned: “Partnering with Banked
is a proof point of FIS’ commitment to bringing frictionless payments to a
wider spectrum of critical industries in a secure, convenient, and
cost-effective manner and complements the investments we’re making in next-gen
payments infrastructure.”
FIS Widens Access to Open Banking Through Collaboration With Banked https://t.co/10t8OcSRFo pic.twitter.com/NabcoG9p7q
— Latest News from Business Wire (@NewsFromBW) February 14, 2024
According to the company, businesses across diverse
industries can optimize their financial operations while enhancing customer
satisfaction through streamlined payment experiences.
Driving Innovation in Digital Payments
Based on a report by FIS, account-to-account (A2A)
payments , including pay-by-bank transactions, accounted for an estimated $525
billion in e-commerce transactions in 2022. With a projected
compound annual growth rate of 13%, the company expects A2A payments to reshape
the future of digital commerce.
Recently, FIS expanded its sell-side solutions to accommodate the diverse needs of buy-side clients. Amid increasing
demands for innovative tools and enhanced operational efficiency, FIS aims to
empower buy-side firms with tailored solutions that address their evolving
requirements.
FIS has experienced a notable trend with its Cleared
Derivatives (CD) platform, traditionally utilized by clearing members. Currently, the platform has
attracted buy-side entities, including hedge funds, asset managers, and
insurance companies, Finance Magnates reported.
The CD platform offers direct access to trading
venues and clearing houses, significantly reducing counterparty risk while enabling
efficient capital utilization. Additionally, FIS is extending the capabilities
of its Cross-Asset Trading and Risk Platform to buy-side firms.
The financial technology company FIS and Banked, a
provider of open banking solutions, have partnered to boost the direct transfer of funds across banks. This
collaboration aims to harness the potential of open banking, APIs, and
real-time payment services.
According to the press release, businesses can
facilitate direct payments between accounts, bypassing the need for traditional
processes like the identification of card details or account numbers, using
instant payment channels. This process enables users to benefit from the flexibility of
open banking.
As open banking gains traction in the United States,
FIS aims to integrate the new feature into sectors such as insurance, higher
education, utilities, and governmental agencies.
Seamus Smith, the Group President for Global
Business-to-Business Payments at FIS, mentioned: “Partnering with Banked
is a proof point of FIS’ commitment to bringing frictionless payments to a
wider spectrum of critical industries in a secure, convenient, and
cost-effective manner and complements the investments we’re making in next-gen
payments infrastructure.”
FIS Widens Access to Open Banking Through Collaboration With Banked https://t.co/10t8OcSRFo pic.twitter.com/NabcoG9p7q
— Latest News from Business Wire (@NewsFromBW) February 14, 2024
According to the company, businesses across diverse
industries can optimize their financial operations while enhancing customer
satisfaction through streamlined payment experiences.
Driving Innovation in Digital Payments
Based on a report by FIS, account-to-account (A2A)
payments , including pay-by-bank transactions, accounted for an estimated $525
billion in e-commerce transactions in 2022. With a projected
compound annual growth rate of 13%, the company expects A2A payments to reshape
the future of digital commerce.
Recently, FIS expanded its sell-side solutions to accommodate the diverse needs of buy-side clients. Amid increasing
demands for innovative tools and enhanced operational efficiency, FIS aims to
empower buy-side firms with tailored solutions that address their evolving
requirements.
FIS has experienced a notable trend with its Cleared
Derivatives (CD) platform, traditionally utilized by clearing members. Currently, the platform has
attracted buy-side entities, including hedge funds, asset managers, and
insurance companies, Finance Magnates reported.
The CD platform offers direct access to trading
venues and clearing houses, significantly reducing counterparty risk while enabling
efficient capital utilization. Additionally, FIS is extending the capabilities
of its Cross-Asset Trading and Risk Platform to buy-side firms.
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- Source: https://www.financemagnates.com//fintech/payments/fis-and-banked-collaborate-to-spearhead-open-banking-for-direct-transfers/
