TransferWise is first fintech to connect to UK scheme via New Access
Model*
LONDON--(BUSINESS WIRE)--
ACI
Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic
payment and banking solutions, today announced it has
provided the back-end technology for TransferWise's successful
integration into the Faster Payments Scheme.
Craig Saks, Group President Strategic Products, ACI Worldwide
comments:
"In December, 2015, we announced that TransferWise had selected our
UP Framework to power its global network."
"We are excited that TransferWise has been able to complete the
onboarding process in record time and is the first fintech to connect to
the Faster Payments Scheme via the New Access Model."
"We encourage all PSPs and financial institutions looking to gain
access to Faster Payments in the UK, to move to the New Access Model,
which provides the ability to offer their customers real-time payments
24/7."
Earlier this year, ACI was awarded a ‘trust mark' accreditation by
Faster Payments Scheme Limited (FSPL), the official recognition 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 the New Access Model. The model was
introduced by the Faster Payments Scheme in order to increase
competition in the financial services sector and open up the market to
new entrants.
Based on the New Access Model, ACI offers PSPs, challenger banks
and payment processors a ‘pay as you go' solution that manages all IT
and connectivity requirements to process payments via the Faster
Payments Scheme; a sponsor bank would offer settlement and liquidity
services.
ACI's UP Immediate
Payments solution is highly flexible and adaptable, enabling access
to all IP schemes globally. It has been used by many existing scheme
members to access Faster Payments since launching in 2008.
In recent years, demand for ACI's private cloud solutions has grown
considerably, and in response, ACI will open a new data centre in
Limerick, Ireland later this month—serving its growing European customer
base.
Lukas May, Head of Banking, TransferWise, said:
"ACI's out-of-the-box solution helped speed up our integration with
the Faster Payments Scheme (FPS). Our direct connection with FPS is an
important step toward real competition in financial services, reducing
our reliance on banks for access to the ‘pipes' of the payment system.
This is great news for UK consumers - it means we can offer faster, more
reliable, and cheaper payments."
Craig Tillotson, Chief Executive of Faster Payments, said:
"The fact that customers of a new fintech company are now profiting
from real-time payments underlines the revolutionary contribution our
New Access Model is starting to make. It enables payment service
providers of all shapes and sizes to offer their customers the
real-time, 24/7 payments they demand."
Independent research commissioned by Faster Payments predicts the size
of the UK real-time payments market is likely to almost triple in the
next five years, with annualised growth of 20 percent forecast, leading
to 3.3 billion Faster Payments being sent in 2020 alone.
Note to editors:
*The New Access Model, first published by 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
and securities. 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, immediate
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.
About TransferWise
TransferWise is the international money transfer platform based on
peer-to-peer technology. Launched in 2011, it is one of the UK's most
successful fintech startups having raised $117m in funding from
investors such as Andreessen Horowitz, Sir Richard Branson, Peter Thiel
and Max Levchin, the co-founders of PayPal. TransferWise was named a WEF
Tech Pioneer in 2015.
Co-founded by Taavet Hinrikus and Kristo Käärmann, the company was
created out of frustration with the high fees charged by banks on
international money transfer. TransferWise uses the real exchange rate:
the mid-market rate - without the hidden mark-up fees - making it up to
8 times cheaper to send money abroad compared to using a bank. Over £800
million is transferred across the globe every month using the
TransferWise platform, saving customers more than £1 million every day.
TransferWise is working to make the world better by helping to make the
financial system fair.
www.transferwise.com
About Faster Payments
Faster Payments is the only UK interbank payment system available day
and night, 365 days per year, supporting the demands of personal and
business customers to make payments from mobile, internet and telephone
banking channels. In 2015, Faster Payments processed 1.24 billion
payment transactions with a value of £1,104 billion.
Faster Payments Scheme Limited (FPSL) is an independent limited by
guarantee company established in 2011. The Scheme exists to develop,
operate and enhance payment services based upon a shared 24/7 real-time
infrastructure. FPSL is driven by the long-term needs and aspirations of
customers, businesses, government, the third sector and all types of
Payment Service Providers (PSPs) including challengers and incumbents.
The Scheme operates on a fair and equitable cost recovery basis. It does
not seek to make a financial return for its guarantors. www.fasterpayments.org.uk
© Copyright ACI Worldwide, Inc. 2016.
ACI, ACI Worldwide, ACI
Payment Systems, the ACI logo and all ACI product names are trademarks
or registered trademarks of ACI Worldwide, Inc., or one of its
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Product roadmaps are for informational purposes only and may not be
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is providing the following information in accordance with ACI's standard
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and enhancements are at the sole discretion of ACI and may be modified
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decision.
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ACI Worldwide
Media Contacts:
Katrin Boettger, 0044
(0)7776 147 910
katrin.boettger@aciworldwide.com
or
Dan
Ring, 781-370-3600
dan.ring@aciworldwide.com
Source: ACI Worldwide
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