JACKSONVILLE, Fla. - (Business Wire) FIS™ (NYSE: FIS), one of the world’s largest providers of banking and payments technology, today announced it is integrating PayPal’s secure global person-to-person (P2P) payment system into the company’s online bill payment application for financial institutions. By integrating paperless P2P functionality into its online bill payment application, FIS empowers banks and credit unions to simultaneously solve for a real consumer need and drive increased transaction activity at the online channel. According to a recent TowerGroup report1, the U.S. non-cash person-to-person payments market was composed of more than 3 billion transactions in 2008; and more than 90 percent of the dollar volume was paid via check at an estimated cost of $255 million.
“Adding electronic person-to-person payments to our bill pay solution is the intersection of financial institutions’ cost cutting objectives and consumers’ desire to centralize their paperless transactions with their trusted bank or credit union,” said Frank D’Angelo, executive vice president, FIS Payment Solutions Group.
Seamlessly adding electronic P2P into FIS online bill pay has the effect of creating a user-friendly experience for the new service. When a sender initiates a personal payment and selects the free electronic option, the receiver’s email address is simply entered to complete payment. From there an email immediately notifies the receiver of the payment, which is delivered in real-time over PayPal’s network.
“One way for a financial institution to reduce cost is to increase its electronic bill pay rate,” D’Angelo continued. “At the same time, consumers are demanding the ability to make more paperless transactions, specifically P2P. What FIS is creating is a centralized, full service bill pay application that fosters a deeper relationship for a financial institution with its consumers, encourages increased use and adoption of bill pay, and attracts valuable market recognition to the institution that’s leading the way in P2P.”
“FIS is the first provider to embed PayPal’s secure global payment system within its online banking application,” said Dan Schatt, senior director and head of Financial Innovations, PayPal. “The integration of FIS and PayPal technology has great potential to strengthen the bond between a consumer and their financial institution. By leveraging PayPal's open global payments platform, FIS will allow banks and credit unions to pay anyone with an email address, in more than 60 countries, all from the comfort of their financial institution’s website.”
About FIS
FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in more than 90 countries worldwide. FIS provides financial institution core processing, and card issuer and transaction processing services, including the NYCE Network. FIS maintains processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500® Index and consistently holds a leading ranking in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS employs approximately 30,000 on a global basis. FIS is listed on the New York Stock Exchange under the “FIS” ticker symbol. For more information about FIS see www.fidelityinfoservices.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
1 TowerGroup, “Noncash P2P Payments: Checks in Decline Still Rule the Roost,” Feb. 2009.
Marcia Danzeisen, 904.854.5083
Senior Vice President
FIS Global Marketing and Communications
marcia.danzeisen@fnis.com
or
Mary Waggoner, 904.854.3282
Senior Vice President
FIS Investor Relations
mary.waggoner@fnis.com
or
Jamie Patricio, 408-967-6367
PayPal
jamiep@paypal.com
