Electronic payments specialist ACI Worldwide said that it has launched new initiatives within its transaction banking portfolio to “empower financial institutions for success”.
Among them is the addition of a supply chain finance (SCF) module to the group’s universal payments (UP) transaction banking capabilities.
“This module offers financial institutions a buyer-centric SCF platform to manage approved-payable transactions,” said ACI. “With open account processing on the rise, the module helps streamline activity surrounding these transactions and gives suppliers the opportunity to improve control over their cash flow while reducing capital requirements.”
In addition, UP transaction banking’s payment and SWIFT messaging engine, ACI money transfer system, has received the SWIFT InterAct store and forward interface certification.
“The SWIFT certification verifies the messaging protocol used to support the migration to ISO 20022 from the FIN flat file format,” said ACI. “As the industry adopts ISO 20022 as the preferred industry format for infrastructures such as Euro1/Step1 and TARGET2, money transfer system enables a seamless transition in processing the XML-based standard.”
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.