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ACI Worldwide provides technology for TransferWise to integrate in Faster Payments Scheme

Thursday 13 October 2016 | 11:52 AM CET

ACI Worldwide, an e-payment and banking solutions provider, has provided the back-end technology for TransferWise’s integration into the Faster Payments Scheme.

Earlier in 2016, 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 Payment Service Providers (PSPs), 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. For non-PSPs, a sponsor bank would offer settlement and liquidity services.

ACI’s UP Immediate Payments solution enables 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, and in response, ACI will open a new data centre in Limerick, Ireland in October 2016 – serving its European customer base.

Independent research commissioned by Faster Payments predicts the size of the UK real-time payments market is likely to almost triple by 2021, with annualised growth of 20% forecast, leading to 3.3 billion Faster Payments being sent in 2020 alone.

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.

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