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the performance and returns while improving satisfaction Digital payments have been experiencing phenomenal
of our clients and colleagues." growth, especially since the COVID pandemic, which
FIS had previously sold a 55 percent stake in Worldpay seemed to usher in a sea change in consumer preferences
to the private equity firm GTCR. The newly spun-off for mobile and other digital ways of interacting.
merchant services business will continue to operate as
Worldpay, FIS said. FIS noted that its Global Payments Report 2023 indicated
that mobile and digital payments are preferred by both
Meanwhile, Visa CFO Vasant Prabhu said in remarks to a merchants and consumers. Worldwide, account-to-account
Bernstein Strategic Decisions Conference last spring, "We (A2A) transfers, like pay-by-bank, generated an estimated
don't know whether open banking is going to be a big deal $525 billion in 2022 ecommerce transactions, according
or not a big deal. Nobody knows." He added that the "jury to the FIS research. The report also predicted that these
is still out" on just how big a deal open banking will be. transactions will continue at a 13 percent compound
Noting that it hasn't taken off as fast as some might have annual growth rate.
expected, he speculated that "Some of it is because in some
cases there's no need for it," according to reporting by the With pay-by-bank solutions, third-party providers gain
Payments Dive newsletter. direct access to banking data needed to complete financial
transactions. This means payments can take place directly
Consumers, business, alike, to benefit between consumer and merchant bank accounts with
"Corporations and consumers are clamoring for solutions no need for card details, account numbers or sort codes.
that move their money easier and faster, and as open Businesses benefit from less fraud, reduced friction, faster
banking and fraud prevention mature, FIS is in a unique settlement and lower processing fees.
position to start offering pay-by-bank solutions for both
businesses and consumers," said Seamus Smith, group Patti Murphy, self-described payments maven of the fourth estate, is
president, global business-to-business payments at FIS. senior editor at the Green Sheet. She also co-hosts the Merchant Sales
Podcast, and is president of ProScribes Ink. You can reach her at patti@
proscribes.net.

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