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ACI Worldwide Awarded Technical Vendor Accreditation to Provide Access to Faster Payments in the UK

ACIW | May 24, 2016

ACI Worldwide Awarded Technical Vendor Accreditation to Provide Access to Faster Payments in the UK

8 out of the 12 direct participants of the UK’s Faster Payments Scheme utilize ACI’s UP Immediate Payments

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that it has been awarded the new certificate of technical accreditation ‘trust mark,’ after passing the technical tests required by Faster Payments Scheme Ltd (FPSL), the System Operator behind Faster Payments.

With the ‘trust mark’ accreditation, ACI has been officially recognized by FPSL as one of the ‘technical aggregators’ that helps payment and financial institutions gain access to real-time Faster Payments in a single or multi-tenant environment through FPSL’s New Access Model. *

“ACI’s UP Immediate Payments solution for Faster Payments in the UK offers a real alternative for payment service providers, fintechs, financial institutions and new entrants wanting to participate in the UK’s Faster Payments Scheme at a scale appropriate to their needs,” said William Proctor, vice president, product line manager, UP Immediate Payments, ACI Worldwide. “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 on-boarding process. FPSL’s New Access Model provides customers faster payments 24/7. Moreover, opening up the scheme will increase competition and give new participants the opportunity to better compete with the traditional UK high street banks, resulting in more choice for consumers.”

Available via a SaaS delivery model or on-premise, ACI’s UP Immediate Payments solution is highly flexible and adaptable, providing access to all IP schemes globally. It has been used by existing scheme members to access faster payments since launching in 2008.

In recent years, demand for ACI’s SaaS-based payment solutions has grown considerably, and in response, ACI will open a new data centre in Limerick, Ireland later this year—serving its growing European customer base. Customers using the SaaS-based UP Immediate Payments solution will have the advantage of a dedicated service, which has the scalability and flexibility to meet individual requirements as they change over time.

“The Faster Payments access programme is creating an entirely new way to access the scheme, which will extend the reach of true real-time payments to millions more consumers and businesses,” said Craig Tillotson, chief executive, Faster Payments. “ACI Worldwide’s new offering is the latest demonstration of the traction being achieved and another important step in the creation of a competitive market for technical aggregation services.”

Currently 8 out of the 12 direct participants of the UK’s Faster Payments Scheme use ACI’s solutions. The central infrastructure of FPSL, widely considered a global model for the industry, also relies on ACI’s solutions.

Note to editors:
*The New Access Model, first published by the Faster Payments Scheme 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.

The Technical Accreditation process is designed to help PSPs make an informed choice of which technical vendor to select to obtain access to Faster Payments, as any accredited vendor has been able to demonstrate their technical capability.

A more detailed description of the New Access Model is available in the Faster Payments: A Vision for a New Access Model, whitepaper: http://www.fasterpayments.org.uk/sites/default/files/FPS_Payment%20Access%20Whitepaper.pdf.

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 300 of the leading global retailers rely on ACI to execute $14 trillion each day in payments. In addition, thousands of 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.

About Faster Payments
Faster Payments is the only UK interbank payment system available day and night, 365 days per year, supporting the demands of personal and business customers to make payments from mobile, internet and telephone banking channels. In the last 12 months (covering 1 April 2015 – 31 March 2016), Faster Payments processed 1.29 billion payment transactions with a value of £1,079 billion.
www.fasterpayments.org.uk

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