FIS Widens Access to Open Banking Through Collaboration With Banked
February 14 2024 - 7:00AM
Business Wire
Key facts:
- FIS and Banked have formed a strategic
partnership to create new pay-by-bank solutions for businesses and
consumers by leveraging the power of open banking, APIs and
real-time payments services.
- Pay-by-bank solutions allow payments to be sent between
interbank accounts within minutes with lower costs, enhanced
security, and improved user experiences.
- As open banking matures in the United States, FIS is bringing
pay-by-bank features and capabilities to critical industries like
insurance, higher education, utilities, governmental agencies and
more.
FIS® (NYSE: FIS), a global leader in financial technology, today
announced it has entered a strategic partnership with Banked, a
leading provider of open banking solutions, to drive new
pay-by-bank offerings for both businesses and consumers.
Pay-by-bank solutions simplify payments by combining the
benefits of real-time payment rails with the flexibility and
efficiency of open banking, where third-party financial service
providers have direct access to banking data to complete digital
payments. As a result, business and consumers can make payments
directly between business and consumer bank accounts without the
need for card details, account numbers or sort codes. Businesses
benefit from less fraud, reduced friction, faster settlement and
lower processing fees, while consumers enjoy a smoother payment
experience, easier verification and faster access to funds.
"Corporations and consumers are clamoring for solutions that
move their money easier and faster, and as open banking and fraud
prevention mature, FIS is in a unique position to start offering
pay-by-bank solutions for both businesses and consumers,” said
Seamus Smith, Group President, Global Business to Business
Payments, FIS. "Partnering with Banked is a proof point of FIS’
commitment to bring 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.”
Digital payments are experiencing significant growth due to
consumers’ increased adoption of digital wallets and mobile
payments apps. They have become the preferred method of fulfilling
payments for both merchants and consumers, and the 2023 FIS Global
Payments report found account-to-account (A2A) payments like
pay-by-bank generated an estimated $525 billion in 2022 e-commerce
transaction value. The report also projects A2A payments will grow
at a 13 percent compound annual growth rate.
"Our mission at Banked is to make payments better for everyone,
and we are excited to join forces with FIS to make that vision a
reality," said Brad Goodall, co-founder and CEO of Banked.
"Together, we are enabling businesses to leverage the power of open
banking and real-time payments to offer their customers a superior
payment experience. FIS takes a highly innovative approach to
solving real pain points for their clients. They see the value
pay-by-bank solutions can bring for a variety of use cases now and
in the future, and we are excited to build out the partnership and
bring new payment capabilities to market.”
In 2023, FIS helped spur the adoption of real-time payments by
being one of the first in the fintech industry to complete testing
and certification for the FedNow Service, and its new partnership
with Banked promises to capitalize on that momentum to modernize a
payments segment ripe for disruption.
About FIS
FIS is a leading provider of technology solutions for financial
institutions and businesses of all sizes and across any industry
globally. We enable commerce by unlocking the financial technology
that powers the world’s economy. Our employees are dedicated to
advancing the way the world pays, banks and invests through our
trusted innovation, system performance and flexible architecture.
We help our clients use technology in innovative ways to solve
business-critical challenges and deliver superior experiences for
their customers. Headquartered in Jacksonville, Florida, FIS is a
member of the Fortune 500® and the Standard & Poor’s 500®
Index. To learn more, visit www.FISglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISglobal).
About Banked
Banked is creating a new global payments network and providing a
flexible alternative to mainstream payment methods. With Banked,
consumers can pay directly using their bank without entering any
financial data. There is no need to create an account or share
financial details; authorization is biometric, and the merchant
receives the funds in full and in real-time. Businesses benefit
from up to 90% lower fees than traditional payment methods and
virtually no fraud, promoting lower prices for consumers. Banked
also enables businesses to drive customer engagement and loyalty
with incentives and rewards integrated into the payment experience.
The company has offices in Palo Alto, London, Sydney, Melbourne and
Vilnius. For more information, visit www.banked.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240214169931/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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