FIS & Neural Payments to simplify P2P payment experience for banks

By Gloria Mathias

FIS, a global FinTech company, has announced that it is unlocking the Neural Payments solution for its clients. This will expand the availability of peer-to-peer (P2P) payments by leveraging the company’s global scale and NYCE debit rails to bring this capability to a broader range of institutions.

Neural Payments’ platform enables bank customers to transfer money from their account to anyone, regardless of whether the recipient’s institution utilizes Neural Payments, without the need to download a third-party app or register a new card.

“A recent FIS UK survey shows that mobile banking capabilities are the top reason for every generation’s loyalty to their primary bank,” said Chris Como, Head of Cards and Money Movement at FIS. “This combination of our industry reach, and our NYCE debit rails with Neural Payments’ innovative technology will greatly help streamline money movement for today’s economy and the increasingly digital consumer. It illustrates our commitment to unlocking financial technology for the world, and I’m excited to begin introducing these capabilities to our client institutions.”

P2P applications are widely used and continue to experience robust growth. They bridge gaps across generations and increase digital accessibility. According to Neural Payments, over 80% of consumers report having utilized a P2P service, with frequent use on a weekly basis.

FIS will enable its financial institution clients to integrate Neural Payments’ white-label solution within the institution’s mobile banking app, so users will not need to visit a third party to send money. For conventional closed-loop payments, linked debit accounts are settled in real-time within FIS clients’ existing products.

“Aligning with FIS to bring our white-label P2P offering to financial institutions is a natural next step in the evolution of our long-standing relationship,” said Mick Oppy, Co-Founder and CEO at Neural Payments. “This solution is already reshaping the P2P landscape with its open-loop system that transcends traditional banking boundaries. As a global leader in financial technology, FIS will help us extend that reach to provide a payment service that finally delivers on the promise of P2P, allowing money to be moved safely, inexpensively, and through the broadest possible number of networks.”