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ACI adds support for Target Instant Payment Settlement scheme

Source: ACI Worldwide

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced support for the new pan-European TARGET Instant Payment Settlement (TIPS) scheme.

Available as part of its UP Real-Time Payments Solution, ACI enables financial institutions of all sizes to rapidly offer TIPS pan-European instant payments services, with minimal cost, disruption and fast time to market. Offered as a cloud-service or on premise, the new solution capabilities are designed to scale up and can be quickly modified to suit the requirements of any other domestic or pan-European instant payments scheme.

TIPS is scheduled to go live on November 30, 2018 and will enable payment service providers to offer fund transfers in real time and around the clock, 365 days a year. TIPS participants will enjoy instant settlement in central bank money, pan-European reachability as well as optimised liquidity.

“Many banks in Europe rapidly want to launch TIPS services, but enter the market with minimal disruption to their existing business,” said Craig Ramsey, Head of Real-Time Payments, ACI Worldwide. “Our solution addresses this challenge. It is designed for banks to get up and running fast, at minimal cost and with the ability to scale functionally and handle increasing transaction volumes.”

Features at a Glance
• Complete functionality to meet mandatory requirements for TIPS, including interface to TIPS scheme and processing for inbound and outbound messages
• Simplified integration with a single point of entry into existing environment
• Pre-configured implementation services packages to speed up time to market and reduce project costs with support through the European Central Bank Certification process
• Easy to upgrade anytime to take advantage of business intelligence, exception handling, liquidity management, authorization services, settlement and reconciliation, currency services and more, as part of a full UP Real-Time Payments deployment

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