LONDON--(BUSINESS WIRE)--ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced a collaboration with UK banking pioneer Raphaels Bank, opening up access to the Faster Payments Scheme in the UK for a significant number of financial institutions, including challenger banks and payment service providers (PSPs).
Historically, access to the Faster Payments Scheme for challenger banks and PSPs was restrictive, often not real-time and typically expensive. ACI’s relationship with Raphaels Bank offers an alternative to financial institutions and PSPs, with ACI serving as a “technical aggregator” providing real-time access to Faster Payments through theNew Access Model.*
Raphaels Bank already makes use of ACI technology, and will provide sponsoring services to other financial institutions, which can now provide their customers with 24/7 real-time payments capabilities.
“Raphaels’ reputation for enabling innovation in payments, coupled with ACI’s UP Immediate Payments Solution for the UK, will provide a real alternative for PSPs and challenger banks looking to participate in the Faster Payments Scheme, at a scale appropriate for their needs,” said Mike Smith, commercial director, Raphaels Bank.
“ACI’s technology and solutions have underpinned the Faster Payments Scheme since its inception in 2008. The central infrastructure of the Scheme—widely considered a global model for the industry—incorporates ACI’s UP Immediate Payments technology, and eight of the twelve direct participants use ACI’s faster payments solutions,” said Daren Wedge, senior vice president, Financial Intermediaries and Immediate Payments, ACI Worldwide. “We encourage all PSPs and financial institutions looking to gain access to UK Faster Payments to move to the New Access Model, which provides a unique opportunity to access the scheme and the ability to offer their customers faster payments 24/7.”
ACI offers SaaS-based solutions to accelerate time to market for clients new to UK Faster Payments, and is actively engaged in numerous industry initiatives to drive real-time payments globally.
Note to editors:
*The New Access Model, first published by UK Faster Payments in December 2014, sets out proposals to enable technology vendors to offer technical access to Payment Service Providers (PSPs) by adding to their existing accounting platform technology, or providing a managed solution to either a single or multiple PSPs.
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries as well as thousands of global merchants rely on ACI to execute $14 trillion each day in payments. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software and SaaS-based solutions, we deliver real-time, any-to-any payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter@ACI_Worldwide.
