back Back

ACI readies European banks and merchants for Instant Payments

By Gloria Methri

June 20, 2023

  • ACI Enterprise Payments Platform
  • ACI Instant Pay
  • ACI Worldwide
Share

ACI Worldwide, NORBr, Digital Merchants, API, ACI Secure eCommerce, ACI Omni-Commerce, ACI Fraud Management, Compliance, PSPs, USAACI Worldwide is supporting banks and financial institutions to comply with and prepare for the upcoming European Commission (EC) Mandate on Instant Payments, enabling them to reap the benefits instant payments offer and secure their competitiveness in a payments market driven by real-time and digital transformation.

ACI’s Enterprise Payments Platform currently supports 20 banks with access and connectivity to TIPS and RT1, offering end-to-end instant payments, orchestration, and value-added services, combined with AI-powered fraud protection.

In addition, ACI recently launched its ACI Instant Pay solution in Europe and the U.K., enabling merchants to accept online, mobile, and in-store payments instantly via simple API integration with its Payments Orchestration Platform.

A proposed EC law mandates banks, and financial institutions across Single Euro Payments Area (SEPA) countries to offer instant payments under the SEPA Instant Credit Transfer scheme, at the same cost or lower than standard credit transfers. The new regulation is aimed at unlocking the benefits of instant payments for European economies. Increased participation, simplified access, commercially attractive pricing, and new value-added services for consumers and businesses are some of the significant changes expected because of the mandate.

“The European Commission clearly sees instant payments as a path to unlock economic growth and drive financial inclusion across its member states. European banks must act now to comply with the EC Mandate,” said Thomas Warsop, President, and CEO, of ACI Worldwide.

“Instant payments will help to secure the competitiveness of banks, financial services providers, and merchants. They remove payments friction, contribute to greater liquidity and ultimately improve the customer experience.”

“Banks should evaluate whether they are truly maximizing existing instant payment rails in their market. Ultimately, the extent to which they make instant payments part of their offering is a strategic decision. It seems increasingly clear, however, that limiting their commitment to the minimum also means limiting their potential share of the future payments market,” Warsop concluded.

Previous Article

June 20, 2023

Finastra & Green RWA launch new platform for climate risk management

Read More
Next Article

June 20, 2023

Agent IQ joins Temenos Exchange to enhance digital banking experience

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

ACI Enterprise Payments Platform

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 23, 2024

4 BNPL platforms providing financial freedom to consumers in MENA

Read More

July 23, 2024

Paytm & Axis Bank to offer POS solutions to merchants

Read More

July 23, 2024

Klarna integrates Sofort payment service with Klarna Payments

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024