Turkish Bank UK enters Faster Payments due to ACI Worldwide e-payments solution

The UK-based bank will use ACI’s aggregator service to connect to the UK Faster Payments Scheme – allowing it to process all transfers to and from UK bank accounts instantly. The bank will use the service via ACI’s cloud-based delivery model run from its new European data centre, which opened in Limerick in October 2016.

Turkish Bank (UK) is a wholly owned subsidiary of Turkish Bank, founded in 1901, and has been serving the Turkish and Cypriot community in the UK for over 40 years. Earlier in 2016, ACI was awarded a ‘trust mark’ accreditation by 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 New Access Model, first published by the Faster Payments Scheme 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. The model was introduced by the UK regulator 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 payments processors a ‘pay as you go’ cloud-based solution that manages all IT and connectivity requirements to process payments via the UK Faster Payments scheme. For non-bank PSPs, sponsor banks would offer clearing, settlement and liquidity services.

Available via a private cloud-based delivery model or on-premise, ACI’s UP Immediate Payments solution is enabling access to all IP schemes globally. It has been used by existing scheme members to access Faster Payments since launching in 2008.

ACI currently supports over 60% of the direct participants in the UK Faster Payments scheme. ACI provides electronic payments, banking, and fraud protection solutions and services to more than 4,600 financial institutions, retailers, and billers around the world through a private cloud, processing more than 35 million transactions per day.

For more information about ACI Worldwide, please check out a detailed profile of this company in our dedicated, industry-specific online company database.