The news that CO-OP Financial Services and FIS are going tointegrate and expand their Sprig and PayNet systems into a real time person-to-person paymentnetwork will mean different things to different network users, apayment expert said.

The move will elevate as many as 48 million U.S. consumers to alevel of banking that has been enjoyed in the rest of the world fordecades, said Gareth Lodge, a U.K based senior analyst for paymentsfor Celent, an international banking consultant firm. And, headded, the deal will challenge all participants in the U.S. paymentsystem with a new way of operating.

“People in the U.S. don't realize it, but people in the U.K andother parts of the European Union have been able to send money backand forth for little or no cost for about 30 years,” he said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.