ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, has been named by EBA Clearing as one of the ‘frontrunner service providers’ for the pan-European EBA SEPA Instant Credit Transfer Scheme, due to go live in November 2017.
The scheme will enable consumers and businesses to make euro credit transfers in real-time between accounts across an international area that will eventually span over 34 European countries. The first pilot banks are expected to start testing as early as Q1 2017.
ACI Worldwide will support and provide assistance to a number of banks joining the scheme. ACI’s UP Immediate Payments solution provides a single point of access and liquidity control to all Immediate Payments (IP) schemes globally. Available via a SaaS delivery model or on-premise, the solution is fully designed to provide connectivity to the pan-European EBA SEPA Instant Credit Transfer Scheme (SCT Inst).
Barry Kislingbury, Director Solution Consulting, Immediate Payments, ACI Worldwide comments:
We are delighted to have been named as one of the ‘frontrunner service providers’ by EBA Clearing for the new European instant payments scheme. ACI’s Immediate Payments experience is unrivalled—we have assisted financial institutions in the UK, Singapore and Australia to connect and integrate payments systems into their domestic schemes.
ACI’s UP Immediate Payments offers a proven solution for financial institutions that need connectivity to one or multiple IP schemes. We not only provide our customers with a technical gateway, but also full real-time payment processing and liquidity functionality, guidance on compliance, fraud, scheme rules, testing and certification, as well as support throughout the complex on-boarding process.
ACI has an unmatched global customer base of financial institutions, payment service providers, fintechs and schemes using its UP Immediate Payments solution. In the UK, ACI’s solution has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. Currently 9 out of the 14 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 utilises ACI’s UP Immediate Payments solution.
Contributed | what does this mean?