ACI Worldwide, a provider of real-time electronic payment and banking solutions, announced Wednesday (Jan. 18) the newest version of its UP Immediate Payments solution. In a press release, ACI Worldwide said the new version is available via a SaaS delivery model or on-premise.
According to the company, UP Immediate Payments is highly flexible and adaptable, providing access to all Immediate Payments (IP) schemes globally. The new version of UP Immediate Payments includes a number of updates for IP processing and connectivity that are already live and in use at multiple financial institutions worldwide, including banks in the U.K. and Singapore. Some of those updates include new functionality designed specifically for the management and processing of real-time payments, connectivity to the pan-European SEPA Instant Credit Transfer Scheme (SCT Inst) and TCH Real-time Payments in the U.S., both of which will be launched this year. ACI said the pan-European SCT Inst scheme is due to go live in Nov. 2017. The pilot for the TCH scheme in the U.S. is expected to go live later this year, ACI noted. The core technology of the TCH scheme is being built by VocaLink, a company ACI recently inked a partnership with.
“2017 will be an exciting year for immediate payments in Europe and the U.S.; however, it is crucial that financial institutions and payment service providers that want to participate in these schemes start getting ready now,” said Barry Kislingbury, director of solution consulting for Immediate Payments at ACI, in the press release. “ACI’s UP Immediate Payments offers a proven solution for financial institutions to provide connectivity to IP schemes globally. We not only provide our customers with a technical gateway but also payment processing functionality, guidance on compliance, fraud, scheme rules, testing and certification, as well as support throughout the complex onboarding process.”