FIS and Neural Payments have partnered to help banks offer peer-to-peer (P2P) payment options to their customers.

This collaboration will make Neural Payments’ P2P payment solution available through FIS’s NYCE debit rails, allowing more financial institutions to access it, the companies said in a press release Thursday (August 15).

“This combination of our industry reach and our NYCE debit rails with Neural Payments’ innovative technology will significantly help streamline money transfers for today’s economy and increasingly digital consumer,” said Chris Como, head of cards and money transfers at FIS, in the press release.

The Neural Payments platform allows bank customers to transfer money from their account to any recipient, even if the recipient’s financial institution does not use Neural Payments, the press release said. Recipients do not need to download a third-party app or register a new card; they are prompted to collect the funds via a mobile wallet or debit card of their choice.

As part of the new collaboration, FIS will now integrate this solution into the mobile banking apps of its customers in the financial sector, the statement said. This will enable bank customers to send P2P payments within these apps without having to use a separate app.

“This solution is already transforming the P2P landscape with its open-loop system that pushes the boundaries of traditional banking,” said Mick Oppy, co-founder and CEO of Neural Payments, in the press release. “As a global leader in financial technology, FIS will help us extend that reach to provide a payments service that finally delivers on the promise of P2P, allowing money to be moved securely, cost-effectively, and across the largest possible number of networks.”

According to a PYMNTS Intelligence and The Clearing House collaboration titled “P2P Payments Potential: Promoting Convenience While Protecting Consumers,” consumers are using P2P apps for quick and easy money transfers.

51% of Americans use P2P regularly and consumers increasingly expect their primary financial institutions to offer P2P features, according to the report.

FIS has also made several other enhancements to its product offering in recent months. These include deposit optimization tools offered in collaboration with Curinos; a digital lending solution developed in partnership with Lendio; and new biometric and money movement features added to the FIS mobile banking application for financial institutions.