FIS has launched a unified payments hub for financial institutions that facilitates integration with major U.S. payment networks.
Global fintech leader FIS has officially launched the Money Movement Hub, a state-of-the-art payments platform designed to streamline the back-end infrastructure of financial institutions. By connecting to multiple payment networks, the Hub enables institutions to process payments seamlessly in one unified location.
Tailored for a diverse range of financial institutions—from super-regional to community banks—the Money Movement Hub supports a dynamic payments journey that adapts to each client’s evolving needs. This flexible, cloud-native platform is core-agnostic, allowing banks to begin with the payment types they require today and scale over time using a “pay-as-you-grow” model. The platform delivers secure and cohesive money movement experiences that can be embedded across a variety of customer-facing channels, empowering institutions to meet the growing demands of digital consumers swiftly and efficiently.
As consumer expectations for seamless, efficient payment experiences continue to rise, many institutions face challenges due to outdated, fragmented technology. This often results in settlement delays and potential security vulnerabilities. According to the FIS Harmony Gap survey, 57% of organizations experience friction in payment processing or when funds are in transit at least once per week.
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The Money Movement Hub tackles these challenges by harmonizing a financial institution’s payment ecosystem through a single API integration with major payment networks. By simplifying operations, the platform boosts payment accuracy, improves liquidity, and addresses security risks in real-time. Designed to accommodate shifting consumer preferences for faster payments, along with evolving regulatory requirements, this groundbreaking solution is set to transform the way financial institutions handle money movement.
Expert Insights on Payments Modernization
Gareth Lodge, Principal Analyst at Celent, shared his perspective: “Payments are a universal experience for customers at every bank, and as their expectations continue to evolve, they demand more. Our Dimensions research reveals that 45% of U.S. banks have major payments modernization plans within the next 18 months, but it’s crucial that these banks select solutions that not only address current needs but also anticipate future demands.”
Jim Johnson, Co-President of Banking Solutions at FIS, also weighed in: “This new solution highlights FIS’ ongoing commitment to advancing financial technology that facilitates efficient money movement between banks, consumers, and businesses. The Money Movement Hub is designed to alleviate the complexities and costs tied to managing multiple payment channels, ensuring that funds move securely, accurately, and swiftly through the entire money lifecycle.”
Key Features of the FIS Money Movement Hub
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Unified Integration: The Money Movement Hub integrates seamlessly with major payment networks, including instant payments, ACH, and wire transfers, simplifying payment management for institutions.
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Cloud-Native Platform: Hosted within FIS’ dedicated Amazon Web Services (AWS) Cloud environment, this solution offers enhanced scalability, cost-efficiency, reliability, and security.
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Built-in Fraud Controls: The Money Movement Hub includes real-time transaction monitoring, OFAC checks, fraud detection, and risk scoring, fortifying payment security and operational efficiency.
The Money Movement Hub is poised to be a game-changer in the financial technology sector, helping institutions optimize payment processes while meeting the growing demands of today’s digital economy.