This milestone follows the launch and gradual scale-up of the Dutch SEPA Instant Payments program, which went live in April. On a peak day at the end of August, 1.3 million instant payments transactions were processed by the leading Dutch banks and the country’s largest processor, of which almost a third were processed by Rabobank using ACI’s award-winning UP Immediate Payments solution.

The Dutch SEPA Instant Payments launch focuses on the immediate processing of mobile and online payments for consumers, enabling customers to pay and receive money fast, at any time of the day and all year round. Instant payments are available to all participating banks’ customers. Rabobank will continue to expand Instant Payments and develop additional features to deliver customer value and to align with market developments.

Rabobank, a customer-focused cooperative bank and longstanding ACI customer, utilizes numerous ACI products and solutions. In addition to UP Immediate Payments, the bank has benefitted from ACI Issuer and ACI’s UP Retail Payments solution including UP BASE24-eps and ACI Interchange.

“The success of the Instant Payments program demonstrates the innovation being driven from the Dutch banks, which themselves epitomize collaboration,” said Craig Ramsey, Head of Real-Time Payments, ACI Worldwide. “ACI has a long track record of success across the globe powering real-time and immediate payments schemes. We’re proud to work with great customer partners like Rabobank to play a role in making instant payments the future of payments in The Netherlands.”

ACI has an unmatched global customer base of financial institutions and payment service providers using its UP Immediate Payments solution. In the UK, the solution has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. Currently more than 50 percent of the scheme’s payments are being processed by ACI solutions. ACI supports instant payments across more than 10 countries, including customers using UP Immediate Payments to access Zelle in the US, Singapore FAST, the Australian NPP (New Payments Platform) and Malaysia’s Real-time Retail Payments Platform (RPP).