ACI Worldwide awarded accreditation to provide access to faster payments in the UK

Source: ACI

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that it has been awarded the new certificate of technical accreditation ‘trust mark,’ after passing the technical tests required by Faster Payments Scheme Ltd (FPSL), the System Operator behind Faster Payments.

With the ‘trust mark’ accreditation, ACI has been officially recognized by FPSL as one of the ‘technical aggregators’ that helps payment and financial institutions gain access to real-time Faster Payments in a single or multi-tenant environment through FPSL’s New Access Model. *

“ACI’s UP Immediate Payments solution for Faster Payments in the UK offers a real alternative for payment service providers, fintechs, financial institutions and new entrants wanting to participate in the UK’s Faster Payments Scheme at a scale appropriate to their needs,” said William Proctor, vice president, product line manager, UP Immediate Payments, ACI Worldwide. “We not only provide our customers with a technical gateway, but also payment processing functionality, guidance on compliance, fraud, scheme rules, testing and certification, as well as support throughout the complex on-boarding process. FPSL’s New Access Model provides customers faster payments 24/7. Moreover, opening up the scheme will increase competition and give new participants the opportunity to better compete with the traditional UK high street banks, resulting in more choice for consumers.”

Available via a SaaS delivery model or on-premise, ACI’s UP Immediate Payments solution is highly flexible and adaptable, providing access to all IP schemes globally. It has been used by existing scheme members to access faster payments since launching in 2008.

In recent years, demand for ACI’s SaaS-based payment solutions has grown considerably, and in response, ACI will open a new data centre in Limerick, Ireland later this year—serving its growing European customer base. Customers using the SaaS-based UP Immediate Payments solution will have the advantage of a dedicated service, which has the scalability and flexibility to meet individual requirements as they change over time.

“The Faster Payments access programme is creating an entirely new way to access the scheme, which will extend the reach of true real-time payments to millions more consumers and businesses,” said Craig Tillotson, chief executive, Faster Payments. “ACI Worldwide’s new offering is the latest demonstration of the traction being achieved and another important step in the creation of a competitive market for technical aggregation services.”

Currently 8 out of the 12 direct participants of the UK’s Faster Payments Scheme use ACI’s solutions. The central infrastructure of FPSL, widely considered a global model for the industry, also relies on ACI’s solutions.

Comments: (1)

A Finextra member
A Finextra member 24 May, 2016, 13:14Be the first to give this comment the thumbs up 0 likes

Good to see ACI eventually getting their accreditation... Some interesting statements in this press release especially around the number of participants using the ACI solution - anyone know who the 8 are?