FIS Utilizes Scale and NYCE Debit Network to Offer Seamless Peer-to-Peer Payment Capabilities in Digital Banking Platforms

Date – 16-Aug-2024

FIS Partners with Neural Payments to Enhance Peer-to-Peer (P2P) Payment Experience

FIS has announced a strategic partnership with Neural Payments to leverage its NYCE debit network and extensive scale, simplifying the peer-to-peer (P2P) payment process. This collaboration integrates Neural Payments’ technology directly into financial institutions’ mobile banking apps, allowing users to send and receive P2P payments seamlessly without needing to use a separate application.

Neural Payments’ platform enables users to transfer funds to anyone, regardless of whether the recipient’s financial institution supports Neural Payments. Recipients can choose their preferred provider to receive payments, which can be settled via popular mobile wallets and debit cards, including FedNow and The Clearing House RTP. Payments are processed instantly, with recipients able to access their funds within seconds.

“A recent FIS UK survey reveals that mobile banking capabilities are a major driver of customer loyalty across all generations,” said Chris Como, Head of Cards and Money Movement at FIS. “By combining our industry-leading reach and NYCE debit network with Neural Payments’ innovative technology, we are enhancing the efficiency of money movement for today’s digital consumers. This partnership underscores our commitment to advancing financial technology and expanding these capabilities to our client institutions.”

The global P2P payment market, valued at $2.21 trillion in 2022, is projected to grow to approximately $11.62 trillion by 2032, according to Precedence Research. P2P services are widely adopted, with over 80% of consumers using such services regularly.

FIS will integrate Neural Payments’ white-label solution into its clients’ mobile banking apps, eliminating the need for users to visit third-party platforms. For traditional closed-loop payments, linked debit accounts will be settled in real-time within FIS clients’ existing systems.

Mick Oppy, Co-Founder and CEO of Neural Payments, commented, “Partnering with FIS to deliver our white-label P2P solution to financial institutions represents a significant step forward in our ongoing relationship. Our open-loop system is transforming the P2P landscape by extending beyond traditional banking boundaries. With FIS’s global presence, we can now offer a payment service that fulfills the true promise of P2P transactions—safe, cost-effective, and accessible through a wide range of networks.”

Neural Payments, an alumnus of the FIS Fintech Accelerator and winner of the 2022 Demo Day Award, continues to innovate in the financial technology space.