ACI Worldwide has launches the latest version of its UP Immediate Payments solution, offering single point of access to all Immediate Payments (IP) schemes globally. The electronic payment and banking software provider said the newly-launched version, available via a software-as-a-service (SaaS) delivery model or on-premise, includes various key updates for IP processing and connectivity that are already live and in use at multiple financial institutions worldwide, including leading UK and Singapore banks.
The solution features new functionality designed specifically for the management and processing of real-time payments, and is designed to provide connectivity to the pan-European single euro payment area (SEPA) instant credit transfer scheme (SCT Inst) and The Clearing House (TCH) real-time payments in the US, both of which will launch in 2017.
The pan-European SCT Inst scheme is due to go live this November, while the pilot for the TCH scheme in the US is expected to go live later this year. The core technology of the TCH scheme is being built by VocaLink, with which ACI recently entered a global partnership. It will offer participants a pre-integrated solution, with VocaLink providing software for TCH and ACI delivering its UP Immediate Payments solution, providing banks with access to the scheme.
A collaboration between the payments services provider and the lender aims to offer funding for SMEs, particularly those in the eCommerce and eService industries
The new service will enable corporate treasurers to trace where an international payment is at any given time.
The pan-European exchange is paying US$153m to gain a 90% stake in the electronic communication network for foreign exchange trading.
The two say that their collaboration has created a “pioneering” institutional banking solution.