The global payment and banking solutions provider gave its formal support yesterday (Feb. 16) in a news release that detailed the benefits of the real-time payments initiative that will enable FIs to send/receive money instantly.
Taking from the implementation of similar payments capabilities in markets like the U.K., Singapore and Australia, ACI noted that the success factor driving such an innovation was the ubiquity and fast onboarding on the system. ACI’s work with TCH involves designing and building the necessary capability to be managed by participants or via a fully managed cloud-based service, which offers a range of functionality, including basic connectivity to stand-in processing, risk management and fraud prevention.
In the past year, ACI has shown how it plans on putting its muscle behind making payments faster and smarter by leveraging its core banking infrastructure and software to innovate new use cases for real-time payments, including retail payments.
“As an existing provider of payments systems to thousands of FIs in the U.S. and a global leader in real-time capabilities, ACI is committed to further developing the payments ecosystem,” said Craig Saks, group president of strategic products at ACI Worldwide. “We are delighted to extend ACI’s commitment to real-time payments in support of The Clearing House initiative. This significant step will enable customers, both established and new players to the financial industry, to effectively leverage the global move to real-time payments.”
The end goal of this, of course, is to provide FIs with the capability to offer immediate payments-based products to their customers, regardless of the level of complexity of the payment.
“We are excited to have ACI join those supporting our real-time payment initiative,” said Steve Ledford, senior VP of products and strategy for TCH. “Many of our members and customers rely on ACI solutions, and the addition of a real-time payments access capability will assist in ensuring accessibility, convenience and ubiquity to develop innovative new business models through real-time payments.”