Fidelity National Information Systems announced the introduction of its own global real-time payments network for domestic and international money movement for both retail and commercial trade.

The Jacksonville, Fla.-based company said on Monday that its PayNet is a non-card-based solution for e-commerce, person-to-person, bill pay, mobile and international money movement. PayNet is designed to provide real-time access to credit union and bank deposit accounts enabling instant authorization of transactions.

PayNet connects directly to deposit accounts within a credit union or bank to enable real-time transaction verification as an alternative to ACH or wires. PayNet will also ease financial institutions’ ability to comply with Dodd-Frank requirements for international money transfer.

The network leverages FIS’ network assets for real-time account access, settlement between parties, interchange processing, multi-currency conversion and exception processing and relationships with more than 3,000 credit unions and banks. PayNet leverages the global processing capability, secure infrastructure and more than 25-year transaction processing experience of FIS’ branded payments network, NYCE, to maximize real-time, multi-currency authorization and settlement.

Currently in its initial rollout stage with 200 financial institutions, PayNet is expected to be available industry-wide in early 2013.

Built using open architecture, PayNet is easily integrated using standard XML to support financial institutions as well as emerging digital payment models.

With PayNet, a consumer can send money to another consumer—even across the globe—and have it arrive in real time, or pay a bill through bill pay and have the money arrive in real time. Through traditional ACH methods, consumer payments can take days to process depending upon payment destination. Digital payments and mobile are simplified with real-time verification of funds availability benefitting both the consumer and the financial institution which will experience lower fees and less risk.

PayNet includes items such as the right to cancel a transaction up to 30 minutes after transmission and full fee disclosure at the point and time of origination.

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