US payment services provider FIS has launched
a global real-time payment network.

FIS said the PayNet system allows user to
make instant money transfers across the world. It can be used to
make retail, commercial, e-commerce and person-to-person (P2P)
transactions, as well as for billing.

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PayNet is a cardless service that connects
directly to deposit accounts within a financial institution. FIS
says that it will provide an alternative to existing
international payment options such as wire transfers or automated
clearing house (ACH) transfers.

Anthony Jabbour, FIS North American Financial
Institution vice president said there has been a distinct global
market shift toward real-time authorisation and settlement as the
key to driving emerging digital payment opportunities.

“PayNet addresses this shift – empowering
organisations to drive significant efficiencies, revenues and
profit within such categories as e-commerce, retail, commercial and
mobile P2P, bill pay and mobile payments,” he concluded.