Financial services technology provider FIS is launching its own payment network. The new network, called PayNet, offers financial institutions a global real-time payments network for domestic and international money movement for both retail and commercial trade, the company said.

A non-card based network, PayNet lets financial institutions offer instant authorization of transactions for e-commerce, person-to-person transactions, bill payments and mobile payments. FIS said PayNet leverages its network assets for real-time account access, settlement between parties, interchange processing, multi-currency conversion and exception processing.

PayNet's architecture is totally open and is easily integrated using standard XML to support financial institutions as well as emerging digital payment models, FIS said.

"There has been a distinct global market shift toward real-time authorization and settlement as the key to driving emerging digital payment opportunities," said Anthony Jabbour, EVP for FIS North American financial institutions." PayNet addresses this shift — empowering organizations to drive significant efficiencies, revenues and profit within such categories as e-commerce, retail, commercial and mobile P2P, bill pay and mobile payments."

For consumers, PayNet means they can send money to another consumer — either domestically or internationally — or pay a bill, in real time and without the delay experienced with transactions sent via ACH. Additionally, fees are lower than other networks, and since PayNet connects directly to consumer accounts, risk is reduced.

PayNet is in its initial rollout stage at 200 financial institutions and will be available industry-wide early next year, FIS said.

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