Lloyds TSB is to implement an enhanced version of ACI's Base24-es software in an effort to meet the UK's new Faster Payments Service (FPS) requirements for real-time funds transfer between retail bank accounts.
The software will be used by the bank to provide a gateway between its existing payments hub and the central Faster Payments infrastructure being built by Immediate Payments Limited, the joint venture between payments processors Link and Voca. Lloyds TSB will run the package on an IBM System z server.
Lloyds TSB has been a customer of ACI for nearly 20 years and already uses the vendor's Base24 system and Base24-es in the retail bank.
Darryl West, director of group IT at Lloyds TSB, says: "The move to Faster Payments is an important infrastructure change for us. ACI's history with us made them the logical choice and we are confident that we will be FPS compliant within the agreed timeframe."
Richard Launder, president of ACI Worldwide Emea says that the FPS integration project offers opportunities for banks to reduce duplication within their payments systems.
"We hope to be able to build upon this project and our previous work with Lloyds TSB to help them take advantage of the benefits that payments convergence offers," he says.