Naples, FL-based ACI Worldwide announced its involvement in several key boards and councils around the globe all with a singular focus of driving industry standards for real-time and immediate payments.
Immediate payments is a near-term initiative that banks must embrace strategically in this age of ongoing banking and payments disruption. ACI Universal Payments empowers these organizations with end-to-end enterprise payments capabilities” accelerating time to market, reducing risk, growing revenues and controlling costs.
The Scheme Management Board (SMB) of the European Payments Council (EPC) has recently invited ACI’s Barry Kislingbury, lead solution consultant, to participate in the EPC Scheme Technical Forum (ESTF).
With the introduction of numerous international real-time, immediate payments initiatives, the focus on the formats used to process such messages has become critical”particularly within Europe. The European Union aims to enable a cross-border, real-time capability that will span the Eurozone from the start of instant payments, avoiding individual domestic schemes, which could become redundant and costly.
Additionally, ACI is participating in the Euro Banking Association (EBA) Instant Payment Forum and ISO 20022 Real Time Payments Group”with the goal to create a compatible, interoperable environment for real-time payments using a global standard.
ACI is also actively engaged in other industry initiatives to drive real-time payments and global payments interoperability. The central infrastructure of the UK Faster Payments scheme”widely considered a global model for the industry”uses ACI’s UP Framework for Immediate Payments; more than 60 percent of the current UK Faster Payments directly connected members rely on ACI to connect to the scheme. ACI’s Jay Floyd, principal fraud consultant, serves on the UK Faster Payments Scheme Steering Committee for AML/Sanctions.
In the U.S., ACI has joined the Federal Reserve’s payments improvement initiative. Ian Rubin, practice lead, Retail Banking & Consumer Payments, is a member of the Faster Payments Task Force, and Seth Ruden, senior fraud consultant, is a member of the Security Task Force
ACI software processes $13 trillion each day in payments and securities transactions for more than 300 of the leading global retailers, and 18 of the world’s 20 largest banks.
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