International money transfer platform TransferWise is partnering with ACI Worldwide to build upon its payments solutions using ACI’s UP Framework.
The framework will essentially enable TransferWise to accept any payment type, currency, channel or network and help process P2P payments much faster, the company noted in a press release.
“Leveraging ACI’s UP Framework will allow TransferWise to quickly support new value propositions and future access to a variety of channels, payment types and networks, including the UK Faster Payments network,” said Daren Wedge, head of consumer banking in Europe for ACI Worldwide.
TranferWise joins a wide pool of companies — about 60 percent of which are a part of the UK Faster Payments scheme and utilize ACI’s Faster Payments solution.
“Financial service providers, both old and new, are in a race to capture new market share and stay ahead of increasing cross-border competition. Moreover, these organizations want to purchase end-to-end, highly available and scalable solutions from a single, established vendor, which is why they’re turning to ACI,” Wedge added.
Earlier this year, London-based TransferWise announced that it had crossed the billion dollar mark by processing $1.67 billion in cross-border payments. The announcement came after its $58 million Series C funding round led by Facebook’s earliest backer, Andreessen Horowitz, that also saw participation from previous backers, including Sir Richard Branson, PayPal Cofounder Max Levchin and Peter Thiel’s Valar Ventures, among others.
Founded in 2011, TransferWise is today rated as one of the fastest-growing startups in Europe. The company boasts of its “no hidden charges” policy and challenges banks with competitive transfer rates. It cuts transaction charges by matching up payments with those going in the opposite direction to minimize the money crossing borders. Now, with the ACI partnership under its belt, the company says, the framework will further allow it to scale up its operation and provide many more functionalities for its customers.