Global financial technology provider FIS has announced RealNet, a new cloud-based, software as a service (SaaS) platform.

The FIS RealNet platform enables account-to-account (A2A) transactions for businesses, consumers, and governments over real-time payment networks. Also, it assists organisations across all industries to send, receive, and accept payments, whether they are engaging with a consumer or business, or with their own employees. The platform functions as a ‘network of networks’ and is based on existing domestic and cross-border payment rails that aim to simplify and speed up the processing, clearing, and settlement of payments.

By using a smart-routing decision engine, FIS RealNet identifies a fast and 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, RealNet will use application programming interfaces (APIs) to integrate with other FIS core banking and payments solutions. The new platform is available in the US, and will be followed by UK and Europe, with additional markets expected later in 2021 and beyond.