Craig Saks, Chief Operating Officer, ACI Worldwide

ACI Worldwide has announced its plans of assisting the adoption of real-time payments in Saudi Arabia with its UP Real-Time Payments solution. Through its partnership with Vocalink, ACI’s payments solution aims to help the banks in lowering the risk associated with onboarding to the new real-time services.

“ACI’s Real-Time Payments will provide Saudi Arabia’s financial services sector with the industry’s most complete platform to launch innovative new services based around real-time payments while minimizing delivery risk,” said Craig Saks, Chief Operating Officer, ACI Worldwide. “ACI already powers real-time payments in the US, across Europe, Asia and Australia – a reflection of the growing ubiquity of real-time payments globally. Our partnership with Vocalink is part of what ACI already does, and the extension of our partnership to Saudi Arabia further solidifies ACI’s ability to help banks leverage speed-to-market for access to real-time payments.”

The partnership between ACI & Vocalink focuses to combine their payments and IPS solution respectively. This, as the supplier states, will accelerate the availability of real-time payments in Saudi Arabia. This, coupled with re-use of product level integration, will help the banks to join the Saudi Arabian Monetary Authority (SAMA) scheme.

“As the Kingdom of Saudi Arabia pushes forward with the modernization of its financial services sector, it joins a growing list of countries that are making real-time payments a cornerstone of their digital payments transformation efforts,” said Paul Stoddart, President, New Payment Platforms, Mastercard. “Our offering is a powerful proposition to Saudi Arabia’s financial services sector to activate a real-time processing environment in an expedited manner, improve efficiency in payments systems and ready the Kingdom for a digital payments future.”

Recently, Indiana based 1st source Bank has selected ACI‘s cloud solution Universal Online Banker, in a bid to meet the shift in market demand(digital banking and mobility).

Vocalink, the Mastercard company, has recently announced a partnership with SAMA to launch real-time payments in Saudi Arabia.

by Megha Bhattacharya
Market Analyst at IBS Intelligence