FIS™ (NYSE: FIS), one of the world’s largest providers of banking and payments technology, today announced it is integrating PayPal’s secure global person-to-person (P2P) payment system into the company’s online bill payment application for financial institutions.

By integrating paperless P2P functionality into its online bill payment application, FIS empowers banks and credit unions to simultaneously solve for a real consumer need and drive increased transaction activity at the online channel. According to a recent TowerGroup report¹, the U.S. non-cash person-to-person payments market was composed of more than 3 billion transactions in 2008; and more than 90 percent of the dollar volume was paid via check at an estimated cost of $255 million.

“Adding electronic person-to-person payments to our bill pay solution is the intersection of financial institutions’ cost cutting objectives and consumers’ desire to centralize their paperless transactions with their trusted bank or credit union,” said Frank D’Angelo, executive vice president, FIS Payment Solutions Group.