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Key facts FIS is one of the first technology providers certified to enable send capabilities for credit transfers in the Federal Reserve’s FedNow® instant payment service. FIS now supports the full payments lifecycle in FedNow, providing consumers and commercial borrowers with a holistic, human-centric instant payments experience. JACKSONVILLE, Fla., February 04, 2025--(BUSINESS WIRE)--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.
About FIS FIS is a financial technology company providing solutions to financial institutions, businesses, and developers. We unlock financial technology to the world across the money lifecycle underpinning the world’s financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow, and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index.
To learn more, visit FISglobal.com. Follow FIS on LinkedIn, Facebook and X. Story continues View source version on businesswire.com: https://www.businesswire.com/news/home/20250204915302/en/ Contacts Kim Snider, 904.438.6278 Senior Vice President FIS Global Marketing and Communications [email protected] View comments
FIS Unlocks Second Half of FedNow® Instant Payments Network Potential with New Send Certification
February 04, 2025 01:00 PM GMT | By EODHD
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