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October 05, 2020
JACKSONVILLE Fla., October 5, 2020 – New research released today by FIS® (NYSE: FIS) shows that adoption and usage of real-time payments has accelerated amidst the COVID-19 pandemic and the real-time rails are now offering capabilities that extend beyond instant payments.
FIS’ seventh annual Flavors of Fast report highlights key findings about real-time payments networks across the globe:
Request to Pay (R2P), cross-border payments, and corporate treasury business-to-business payments are driving adoption of real-time payments networks globally, according to the FIS report. R2P systems offer a convenient and flexible way for people, businesses and governments to request a payment from a third party. The UK government has formally launched a framework for the development of a national R2P system built on international standards. In addition, The Clearing House in the U.S. is working with banks and billers to pilot an R2P service that is expected to launch later this year.
FIS supports real-time payments across the globe, processing instant transactions in 24 countries including the U.S., China, India, Australia and the UK.
“The current pandemic has highlighted the critical importance of instantly getting funds in the hands of those who need it, whether individuals or businesses,” said Raja Gopalakrishnan, head of Global Real-time Payments at FIS. “This year’s FIS Flavors of Fast report shows that as real-time payments networks mature, they are bringing value beyond speed. At FIS, we are working to further advance the business payments experience across the global ecosystem to make it simpler, easier and more cost effective while enhancing the user experience.”
The 2020 Flavors of Fast report includes meta-analysis of real-time payments data research conducted in April and May 2020. The report defines real-time or faster payments as funds transferred from one bank account to another with payment confirmation in one minute or less. The full report includes interviews with real-time payments experts and analysis from FIS. For the full 2020 Flavors of Fast report, visit fisglobal.com/flavors-of-fast.
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
For more information
Kim Snider, 904.438.6278
Senior Vice President
FIS Global Marketing and Communications
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