FIS expands neural payments to more institutions

This move aims to broaden the availability of peer-to-peer (P2P) payments by utilizing FIS's global infrastructure and NYCE debit network to provide this service to a wider range of financial institutions.

Neural Payments’ platform allows bank customers to transfer money to anyone, regardless of the recipient's banking provider. This can be done without downloading a third-party app or registering a new card. The payments can be processed through popular mobile wallets and debit cards, with additional options like FedNow and The Clearing House RTP. Recipients can access their funds shortly after they are sent.

P2P payment applications are increasingly popular and are widely used across different age groups, contributing to the growth of digital financial services. Neural Payments reports that over 80% of consumers have used a P2P service, with many using it frequently. The global P2P payments market was valued at USD 2.21 trillion in 2022 and is projected to reach approximately USD 11.62 trillion by 2032, according to Precedence Research.

FIS will facilitate the integration of Neural Payments’ white-label solution into the mobile banking applications of its financial institution clients. This integration will allow users to send money directly without needing to access third-party platforms. Linked debit accounts for traditional closed-loop payments will be settled in real-time within FIS’s existing product offerings.

About the product

Neural Payments, a participant in the FIS Fintech Accelerator and winner of the 2022 Demo Day Award, continues to develop its P2P offering. FIS's involvement is expected to extend the reach of Neural Payments' system, enhancing the P2P landscape by offering a broader network for secure and cost-effective money transfers.

The Neural Payments solution is now available to financial institutions, including banks and credit unions. Interested parties can obtain more information by contacting FIS.