ACI Worldwide launches Instant Pay solution for European merchants
By Gloria Methri
ACI Worldwide has launched a new real-time payment solution dubbed ACI Instant Pay, that enables merchants to accept instant payments online or in-store, via a simple API integration with its payment orchestration platform.
The move comes against the backdrop of a regulatory push in Europe. A proposed European Commission law mandates financial institutions across the Single Euro Payments Area (SEPA) countries to offer instant payments, 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.
The U.K. has also embarked on a modernization journey of its Faster Payments scheme via the New Payments Architecture program. Consequently, more merchants are expected to adopt instant payments and reap the benefits they offer for their businesses and customers.
Clearing funds immediately give merchants greater control of cash flow. It is estimated that instant receipt of funds could help European businesses unlock €1.34 to 1.4 billion each year.
Merchants will be able to accept payment for their goods and services without incurring interchange fees, which can reduce operational costs.
Instant payments are crucial for eCommerce merchants that rely on fast delivery to be competitive. Payment reaches their account instantly with no settlement delays or chargebacks. They can safely release goods and services straight away.
Basant Singh, global head of ACI’s merchant business said, “Payments need to keep pace with an increasingly digital society. In Europe, 90% of people aged 16 to 74 now use the Internet, and 74% buy or order goods online. In our expanding ‘always on’ transactional world, giving and receiving money electronically should be as instantaneous as handing over cash. As a long-term champion of instant payments, ACI is ready to help European merchants and their customers take advantage of the instant payment opportunity in the U.K. and Europe.”
IBSi Daily News Analysis
September 25, 2023
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