ACI Worldwide has announced a collaboration opening up access to the Faster Payments Scheme in the UK for a significant number of financial institutions, including challenger banks and payment service providers (PSPs).
Historically, access to the Faster Payments Scheme for challenger banks and PSPs was restrictive, often not
real-time and typically expensive. ACI’s relationship with Raphaels Bank offers an alternative to financial institutions and PSPs, with ACI serving as a ‘technical aggregator’ providing real-time access to Faster Payments through the New Access Model.*
“ACI’s technology and solutions have underpinned the Faster Payments Scheme since its inception in 2008. The central infrastructure of the Scheme – widely considered a global model for the industry – incorporates ACI’s UP Immediate Payments technology, and eight of the twelve direct participants use ACI’s faster payments solutions,” said Daren Wedge, senior vice president, Financial Intermediaries and Immediate Payments, ACI Worldwide.
“We encourage all PSPs and financial institutions looking to gain access to UK Faster Payments to move to the New Access Model, which provides a unique opportunity to access the scheme and the ability to offer their customers faster payments 24/7.”