Enables payment service providers and challenger banks to access
UK Faster Payments Scheme
LONDON--(BUSINESS WIRE)--
ACI
Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic
payment and banking solutions, today announced a
collaboration with UK banking pioneer Raphaels Bank, opening up access
to the Faster
Payments Scheme in the UK for a significant number of financial
institutions, including challenger banks and payment service providers
(PSPs).
Historically, access to the Faster Payments Scheme for challenger banks
and PSPs was restrictive, often not real-time and typically expensive.
ACI's relationship with Raphaels Bank offers an alternative to financial
institutions and PSPs, with ACI serving as a "technical aggregator"
providing real-time access to Faster Payments through the New Access
Model.*
Raphaels Bank already makes use of ACI technology, and will provide
sponsoring services to other financial institutions, which can now
provide their customers with 24/7 real-time
payments capabilities.
"Raphaels' reputation for enabling innovation in payments, coupled with
ACI's UP Immediate Payments Solution for the UK, will provide a real
alternative for PSPs and challenger banks looking to participate in the
Faster Payments Scheme, at a scale appropriate for their needs," said
Mike Smith, commercial director, Raphaels Bank.
"ACI's technology and solutions have underpinned the Faster Payments
Scheme since its inception in 2008. The central infrastructure of the
Scheme—widely considered a global model for the industry—incorporates
ACI's UP Immediate Payments technology, and eight of the twelve direct
participants use ACI's faster payments solutions," said Daren Wedge,
senior vice president, Financial Intermediaries and Immediate Payments,
ACI Worldwide. "We encourage all PSPs and financial institutions looking
to gain access to UK Faster Payments to move to the New Access Model,
which provides a unique opportunity to access the scheme and the ability
to offer their customers faster payments 24/7."
ACI offers SaaS-based solutions to accelerate time to market for clients
new to UK Faster Payments, and is actively engaged in numerous industry
initiatives to drive real-time payments globally.
Note to editors:
*The New Access
Model, first published by UK Faster Payments in December 2014, sets out
proposals to enable technology vendors to offer technical access to
Payment Service Providers (PSPs) by adding to their existing accounting
platform technology, or providing a managed solution to either a single
or multiple PSPs.
About ACI Worldwide
ACI Worldwide, the Universal
Payments (UP) company, powers electronic payments for more than
5,100 organizations around the world. More than 1,000 of the largest
financial institutions and intermediaries as well as thousands of global
merchants rely on ACI to execute $14 trillion each day in payments. In
addition, myriad organizations utilize our electronic bill presentment
and payment services. Through our comprehensive suite of software and
SaaS-based solutions, we deliver real-time, any-to-any payments
capabilities and enable the industry's most complete omni-channel
payments experience. To learn more about ACI, please visit www.aciworldwide.com.
You can also find us on Twitter @ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2016.
ACI, ACI Payment Systems, the
ACI logo and all ACI product names are trademarks or registered
trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the
United States, other countries or both. Other parties' trademarks
referenced are the property of their respective owners.
Product roadmaps are for informational purposes only and may not be
incorporated into a contract or agreement. The development release and
timing of future product releases remains at ACI's sole discretion. ACI
is providing the following information in accordance with ACI's standard
product communication policies. Any resulting features, functionality,
and enhancements or timing of release of such features, functionality,
and enhancements are at the sole discretion of ACI and may be modified
without notice. All product roadmap or other similar information does
not represent a commitment to deliver any material, code, or
functionality, and should not be relied upon in making a purchasing
decision.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160607005051/en/
ACI Worldwide
Katrin Boettger, 07776-147-910
katrin.boettger@aciworldwide.com
Source: ACI Worldwide
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