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ACI Worldwide, STET to deliver payments solution to PSPs in Europe

Thursday 12 October 2017 | 01:10 PM CET

ACI Worldwide, a global provider of e-payment and banking solutions, and STET, a European clearing and settlement system (CSM), have agreed to deliver an real-time payments solution to (PSPs) in Europe.

STET processes more than 22 billion transactions per year. Its platform is the largest ACH in Europe with more than 52% market share of euro transactions cleared in clearing systems.

As STET prepares to launch its Instant Payments CSM to the European market in November 2017 and ACI launches its real-time instant payments solution for banks at the European level, the two companies are working together to deliver to banks a solution for SCT Inst.

This will facilitate the immediate execution of an instant payment from sender to receiver in seconds with full pan-European reachability.

ACI serves financial institutions and payment service providers using its UP Immediate Payments solution. In the UK, it has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008.

Currently, more than half of the direct participants of the UK’s Faster Payments Scheme use ACI’s solutions. In addition to an on-premise real-time payments solution, ACI offers a turn-key cloud solution that reduces infrastructure costs and allows institutions to scale based on transaction volumes.

ACI also has customers using UP Immediate Payments to access Singapore FAST and Australian NPP (New Payments Platform). ACI serves on the ISO 20022 Real-Time Payments Group, the EPC Instant Payments Technology Group, payments and security task forces for the U.S. Federal Reserve, and chairs the IPFA rules working group.

STET supports 100% of the banks in France and Belgium. STET is making ready a pan-European Instant Payments Clearing and Settlement Mechanism (CSM) to support the SCT Inst scheme from the EPC. This offering is initially being offered at a Pan-European level both to PSPs directly and national ACHs on a white label basis. The Pan-Europe offering includes SEPA reach through connections to other European Instant Payment systems.

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