ACI Worldwide, a provider of payment systems, has joined the International Payments Framework Association (IPFA). Launched in February 2010 by a group of 21 banks, clearing houses and associated payment service providers (PSPs), the IPFA has as its prime purpose the provision of business rules, standards and operating procedures to improve non-urgent cross-border credit transfers. This new association is creating a contractual framework, based on the ISO 20022 message standard, which will bind the members to those operating rules.
Louis Blatt, chief product officer (CPO) at ACI Worldwide, said: “ACI fully supports this initiative to simplify the processing of international credit transfers by leveraging existing payment networks and the ISO 20022 standard. We look forward to helping shape this new organisation and develop its rules, and then working with our customers to implement any resultant standards.”
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