FIS (NYSE:FIS) has partnered with Banked, a provider of open banking solutions, to launch new pay-by-bank offerings for both businesses and consumers.
Pay-by-bank solutions simplify payments by combining the benefits of real-time rail payments with the flexibility and efficiency of open banking, where third-party financial service providers have direct access to bank data to complete digital payments. As a result, businesses and consumers can make payments directly between business and consumer bank accounts without the need for card details, account numbers or sorting codes.
“Companies and consumers alike are clamoring for solutions that move their money easier and faster, and as open banking and fraud prevention mature, FIS is uniquely positioned to begin offering bank-by-bank payment solutions for both businesses and and for consumers,” said Seamus Smith. , Group President, Global Business to Business Payments, FIS. “Partnering with Banked is a testament to FIS’ commitment to delivering frictionless payments to a wider range of critical industries in a secure, convenient and cost-effective manner, and complements our investments in next-generation payments infrastructure.”
“Our mission at Banked is to make payments better for everyone, and we’re excited to join forces with FIS to make that vision a reality,” said Brad Goodall, co-founder and CEO of Banked. “Together, we are enabling businesses to harness the power of open banking and real-time payments to deliver a superior payment experience to their customers. FIS takes a highly innovative approach to solving real pain points for its customers. They see the value that bank-by-bank payment solutions can provide for a variety of use cases now and in the future, and we are excited to forge the partnership and bring new payment capabilities to market.”
In 2023, FIS helped drive the adoption of real-time payments by being one of the first in the fintech industry to complete testing and certification for the FedNow Service, and its new partnership with Banked promises to build on this momentum to modernize of a payments segment ripe for disruption.