FIS unveils RealNet; a cross-industry real time payments platform
By Pavithra R
Financial service technology provider FIS has announced the launch of RealNet, a new cloud-based, software as a service (SaaS) platform that will enable account-to-account (A2A) transactions for businesses, consumers and governments over real-time payment networks.
The FIS RealNet platform will make it easier for organizations across all industries to send, receive and accept payments. The platform functions as a “network of networks,” utilizing a full range of existing domestic and cross-border payment rails to simplify and fasten the processing, clearing and settlement of payments.
“Not only will the RealNet platform speed up payments by helping to enable real-time money movement, but it will also do so in a way that is seamless, reliable and secure for organizations around the globe,” said Raja Gopalakrishnan, Global Head of Real-Time Payments at FIS.
“Our vision for RealNet is to help power a real-time economy, regardless of industry, whether business-to-business, business-to-consumer, consumer-to-business, government-to-consumer or anything in-between. We are confident this new platform will be a great advantage to the organizations that use it,” added Gopalakrishnan.
The new platform leverages a smart-routing decision engine with which it identifies the fastest, most cost-efficient payments option for a given transaction in real-time whether ACH, same-day ACH, Wires and RTP and automates the end-to-end process. As a cloud-based SaaS platform it utilizes application programming interfaces (APIs) to integrate with other FIS core banking and payments solutions.
“The future of payments is increasingly real-time, but we have yet to see it all working together seamlessly nor have we seen corporations make that giant step to catch up to banks. Additionally, each country is moving at a different pace and has various levels of maturity when it comes to leveraging real-time payments as a business norm. RealNet’s network ability to accelerate this change across markets and industries is really exciting. The fact that RealNet will also deliver any payment type through any payment rail, anywhere, is likely to be the game changer and a global first,” said Gareth Lodge, Research and Advisory at Celent.
Established in 1968, FIS is a provider of technology solutions for merchants, banks, and capital markets firms globally. It is a Fortune 500 company and is a member of Standard & Poor’s 500 Index. Currently, the new platform is available in the U.S., and will be followed by U.K. and Europe, with roll-out in additional markets expected later this year and beyond.
IBSi Daily News Analysis
June 02, 2023
How wealth management firms can grow revenues in a declining marketRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage