Financial technology company FIS has joined forces with open banking solutions provider Banked to bring new pay-by-bank offerings for both businesses and consumers.
The partnership will leverage the power of open banking, application programming interfaces (APIs) and real-time payment services to create new pay-by-bank solutions.
Banked co-founder and CEO Brad Goodall said: “Together, we are enabling businesses to leverage the power of open banking and real-time payments to offer their customers a superior payment experience.
“FIS takes a highly innovative approach to solving real pain points for their clients. They see the value pay-by-bank solutions can bring for a variety of use cases now and in the future, and we are excited to build out the partnership and bring new payment capabilities to market.”
FIS said pay-by-bank solutions streamline payments by bringing together the advantages of real-time payment rails and the flexibility of open banking, where third-party financial service providers have direct access to banking data to complete digital payments.
This allows businesses and consumers to make payments directly between business and consumer bank accounts without the requirement of card details, account numbers or sort codes.
FIS said that it is bringing pay-by-bank features and capabilities to critical sectors such as insurance, higher education, utilities, governmental agencies and others.
FIS global business-to-business payments group president Seamus Smith said: “Partnering with Banked is a proof point of FIS’ commitment to bring frictionless payments to a wider spectrum of critical industries in a secure, convenient and cost-effective manner and complements the investments we’re making in next-gen payments infrastructure.”
Earlier this month, FIS announced agreements with data networks, including Akoya, Envestnet | Yodlee, MX and Plaid, to integrate into FIS’ new open banking solution Open Access platform.
The new solution would enable customers to share their financial information securely and easily with numerous third-party financial apps and services of their choice.
