Source: ACI Worldwide
ACI Worldwide (Nasdaq:ACIW), a leading international provider of payment systems, today announced that it has joined the International Payments Framework Association (IPFA).
Launched in February 2010 by a group of 21 banks, clearing houses and associated payment service providers, the IPFA has as its prime purpose the provision of business rules, standards and operating procedures to improve non-urgent cross-border credit transfers. This new association is creating a contractual framework, based on the ISO 20022 message standard, which will bind the members to those operating rules.
Louis Blatt, chief product officer at ACI Worldwide, said: "As a leading global vendor of payment systems, ACI fully supports this initiative to simplify the processing of international credit transfers by leveraging existing payment networks and the ISO 20022 standard. We look forward to helping shape this new organization and develop its rules, and then working with our customers to implement any resultant standards."
Arthur Cousins CEO of the IPFA, said, "We are delighted to welcome ACI Worldwide into the Association. ACI shares our aim of improving cross-border payments, and its experience, focus and product set will greatly assist banking clients with regard to the IPFA operational and technical requirements in order to be operational."