JACKSONVILLE, Fla.--(BUSINESS WIRE)--The United States’ first-of-its-kind, real-time payments system, available to all financial institutions nationwide, is nearing reality thanks to FIS™ (NYSE:FIS), a global leader in financial services technology, and The Clearing House Payments Company L.L.C. (TCH).
The companies are preparing to launch a pilot with early-adopter financial institutions, initially focusing on the bill payment use case, using FIS technology and operating via the TCH real-time payments platform. Already under development, the pilot will go live in the first quarter of 2017, and bring payments that clear and settle in real-time to the pilot financial institutions. TCH, which owns and operates the system, has partnered with FIS, who will use the system to develop innovative new services and eventually connect its financial institution clients.
“This is a critical initiative, designed to transform the payments landscape in the U.S.,” said Anthony Jabbour, chief operating officer, Banking & Payments, FIS. “The Clearing House asked FIS to lead this pilot program and we’re honored to play such a pivotal role. Our position further highlights FIS’ leadership and capabilities in advancing a modern payments system.”
“FIS is a proven leader with extensive experience in developing and delivering innovative new payments services to its customers, so we are excited they have partnered with us to launch this pilot program,” said Russ Waterhouse, executive vice president, Product Development and Strategy at The Clearing House. “True, real-time payments that clear and settle within seconds are right around the corner. Not only is FIS helping us bring this system to market quickly, they are also going to play a key role in helping us achieve ubiquity in the U.S.”
FIS is an industry leader in global payments, with a unique ability to combine global and U.S. market-specific solutions for financial institutions of all sizes. It has successfully demonstrated real-time payment processing capabilities for financial institutions in other countries with its real-time payment rails.
FIS and TCH are two of 19 organizations selected to the Federal Reserve’s Faster Payments Task Force Steering Committee, which is evaluating approaches for implementing real-time payments in the United States.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’ historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2014, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.