Faster Payments

TransferWise Partners With ACI For Faster Payments

ACI Worldwide, a global provider of real-time electronic payment and banking solutions, announced on Thursday (Oct. 13) it has provided the back-end technology for TransferWise’s integration into the Faster Payments Scheme.

In a press release, Craig Saks, group president of strategic products at ACI Worldwide, said: “In Dec. 2015, we announced that TransferWise had selected our UP Framework to power its global network. We are excited that TransferWise has been able to complete the onboarding process in record time and is the first FinTech to connect to the Faster Payments Scheme via the New Access Model.”

The executive went on to note that he encourages all PSPs and financial institutions looking to gain access to Faster Payments in the U.K. to move to the New Access Model, which provides the ability to offer their customers real-time payments 24/7.

Earlier this year, 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 is highly flexible and adaptable, enabling access to all IP schemes globally. It has been used by many existing scheme members to access Faster Payments since launching in 2008,” the company said in the press release.

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