Fintech firm FIS has unveiled its Money Movement Hub, a unified platform that streamlines payment processing across multiple networks for financial institutions.

This platform enables organisations to connect with multiple payment networks and manage transactions from a single location.

Money Movement Hub is designed to cater to a diverse range of financial institutions, including super regional and community banks.

It offers a cloud-native solution that is “core-agnostic”, enabling banks to implement the payment types they require initially and expand their capabilities over time through a “pay-as-you-grow” model.

This approach aims to provide a unified and secure money movement experience that can be integrated across various customer channels.

Key features of the FIS Money Movement Hub include unified integration with major payment networks such as instant payments, ACH, and wire transfers.

The solution is hosted in FIS’ dedicated Amazon Web Services Cloud environment, which enhances scalability, cost-efficiency, reliability, and security, the company release stated.

Furthermore, built-in fraud controls, including real-time transaction monitoring and risk scoring, are incorporated to ensure security.

FIS Banking Solutions co-president Jim Johnson said: “This new solution is a testament to FIS’ dedication to unlocking financial technology that efficiently moves money between the world’s banks, consumers and businesses.

“Our new Money Movement Hub can help to reduce the complexity and costs associated with managing multiple payment channels, enabling funds to flow with speed, accuracy and security throughout the money lifecycle.”

Many financial institutions face challenges in meeting consumer expectations for seamless payment processes, often relying on outdated technology that can lead to delays and security issues.

The FIS Money Movement Hub addresses these challenges by harmonising the payments ecosystem within financial institutions.

It facilitates the integration of major payment networks through a single API, reducing complexity and enhancing payment accuracy.

Additionally, the solution aims to improve liquidity and address security risks promptly, aligning with evolving consumer expectations for faster payments and compliance with regulatory changes.

In June 2024, FIS launched the Climate Risk Financial Modeler, a SaaS tool designed to help businesses assess, mitigate, and report their exposure to climate change’s physical risks.