FIS has announced the immediate launch of People Pay, a person-to-person payment technology that it believes is an advance over tools presently on the market.
Nancy Langer, an epayments executive at the Jacksonville, Fla. banking technology company, said that People Pay will offer real-time money movement. It will also be white labeled, meaning it will not have the FIS name on the product. Langer added that by June People Pay will be integrated into FIS’s mobile banking apps.
Langer stressed that People Pay is an open solution, meaning that credit unions that adopt it do not have to be on an FIS core.
“The time is right for a better p2p tool,” said Langer, who indicated that both Chase and the American Express Bluebird product are triggering increased consumer interest in P2P. “There’s much more energy in this market.”
As for pricing, she said that most institutions will price most People Pay money transfers as free to the consumer, although there likely will be opportunities to impose fees for expedited money movement and cross-border transfers.
No credit unions were involved in the People Pay pilot, said Langer, but she indicated FIS expected soon to announce credit union rollouts.