ACI Worldwide Rolls Out Disbursement Services

Disbursements

To allow businesses to send money to consumers’ bank accounts in real time using their debit cards, real-time electronic payment and banking solutions provider ACI Worldwide announced the rollout of ACI Disbursement Services. The debit card disbursements tap into the Visa Direct and Mastercard Send real-time payments platforms, the company said in an announcement.

“It currently takes several days to send out disbursements to consumers, which is unacceptable in a world where consumer expectations for instant and digital payments are high,” ACI Worldwide Executive Vice President Sanjay Gupta said in the announcement. “We’re excited to launch ACI’s Disbursement Services to help transform consumers’ payment experience and reduce business costs associated with printing and mailing checks.”

Sixty-five percent of U.S. consumers indicate that it is important to have the ability to receive instant payments from government agencies or businesses that owe them money, per Aite Group. At the same time, it was noted that 70 percent report that they would choose an instant payment option for disbursements if it were available. Through ACI Disbursement Services, banks and insurance companies along with other organizations that offer reimbursements, claims, and other similar payments can offer a way to disburse funds to consumers as well as small businesses on their debit cards.

Talie Baker, a senior analyst in the retail banking and payments practice of Aite Group, said in the announcement, “Consumers want to be paid instantly when they are owed money, and they want to choose the payment method for disbursements received.” Baker continued, “In addition, convenience and speed are the most important factors U.S. consumers consider when choosing a payment method for disbursements.”

Baker noted, however, that most disbursements take two days or longer to arrive, which that can result in a poor consumer experience. “Offering a solution to this growing market challenge will be important as the number of disbursements are expected to double in the next two years.” Baker said.

As it stands, Disbursement Services is one of the many different services of ACI’s UP Bill Payments. The platform powers entire bill payments operations to let business streamline bill presentment and payment processing complexities to improve results while taking away application silos.