• More financial intuitions and retailers are offering their customers real-time access to funds creating the need for real-time decisioning of funds availability.
• FIS InstantFunds enables the real-time movement of verified funds from one payments mechanism to another and removes the risk associated with fraudulent checks.
• This solution provides an innovative tool for serving the underbanked market, leading to a significant increase in new clients YTD.
With consumers expecting easy access to their funds anytime, anywhere, FIS™, the world’s largest provider of banking and payments technology, has experienced a substantial increase in the number of clients who utilize FIS InstantFunds™ solution suite to move funds from one payments mechanism to another and warranty check funds.
FIS InstantFunds enables financial institutions, program managers and retailers to meet the growing needs of today’s banked and unbanked consumers by liquidating check and ACH transactions via any channel (mobile, kiosk, in-person and online), instantaneously verifying the availability of funds and disbursing cash or loading funds into bank accounts or prepaid cards. Employing a risk-free authorization warranty, FIS’ InstantFunds solution also guarantees all check approval decisions and removes the risk of fraudulent checks, providing clients with the financial peace of mind to offer the service to their customers.
FIS is delivering new payments innovation with FIS InstantFunds, resulting in double-digit growth in new client agreements for the solution this year, including some of the top providers of reloadable prepaid cards. Financial institutions, retailers and program managers currently using FIS InstantFunds are providing their customers with immediate funds availability with one or more FIS InstantFunds solutions - check deposit warranty, check cashing or mobile remote deposit capture for convenient check to prepaid card loading. As a result, more consumers are gaining secure and instantaneous access to funds from any available channel - mobile, in-person, kiosk or online.
“In today’s economy, more and more payments are shifting from paper-based to electronic and FIS is investing in payments innovation that creates new revenue opportunities for our clients, and seamless and efficient experiences for their customers,” said Jim Johnson, Division Executive, FIS. “The success of FIS InstantFunds is proof that we’re delivering payments innovation that is bringing true benefits to the market and delivering new capabilities to serve the payments needs of a wide range of clients. We’re pleased that financial institutions and retailers are willing to offer this service, knowing they have the backing of a trusted partner such as FIS.”
FIS InstantFunds has seen significant buy-in from leading prepaid providers and will support more than 6,000 new client retail locations bringing the total to more than 23,000 locations nationwide.
FIS (fisglobal.com) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 35,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.
For More Information:
Mary Waggoner, Senior Vice President
FIS Investor Relations
P: +1 904-438-6282 - E: mary.waggoner[.]fisglobal.com.