NAPLES, Fla. & LONDON--(BUSINESS WIRE)--ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced support for the new pan-European TARGET Instant Payment Settlement (TIPS) scheme.
Available as part of its UP Real-Time Payments solution, ACI enables financial institutions of all sizes to rapidly offer TIPS pan-European instant payments services, with minimal cost, disruption and fast time to market. Offered as a cloud-service or on premise, the new solution capabilities are designed to scale up and can be quickly modified to suit the requirements of any other domestic or pan-European instant payments scheme.
TIPS is scheduled to go live on November 30, 2018 and will enable payment service providers to offer fund transfers in real time and around the clock, 365 days a year. TIPS participants will enjoy instant settlement in central bank money, pan-European reachability as well as optimised liquidity.
“Many banks in Europe rapidly want to launch TIPS services, but enter the market with minimal disruption to their existing business,” said Craig Ramsey, Head of Real-Time Payments, ACI Worldwide. “Our solution addresses this challenge. It is designed for banks to get up and running fast, at minimal cost and with the ability to scale functionally and handle increasing transaction volumes.”
Features at a Glance
- Complete functionality to meet mandatory requirements for TIPS, including interface to TIPS scheme and processing for inbound and outbound messages
- Simplified integration with a single point of entry into existing environment
- Pre-configured implementation services packages to speed up time to market and reduce project costs with support through the European Central Bank Certification process
- Easy to upgrade anytime to take advantage of business intelligence, exception handling, liquidity management, authorization services, settlement and reconciliation, currency services and more, as part of a full UP Real-Time Payments deployment
ACI has an unmatched global customer base of financial institutions and payment service providers using its UP Real-Time Payments solution. TIPS is one of several new European real-time schemes ACI supports. Currently ACI is also helping banks in Eastern Europe and the Netherlands to prepare for the launch of new real-time schemes.
In the UK, the solution has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. Currently, more than 50 percent of the scheme’s payments are being processed by ACI. Additionally, ACI powers customer applications accessing Singapore FAST and the Australian NPP (New Payments Platform) and is implementing The Clearing House RTP system and Zelle for customers in the US. ACI serves on the ISO 20022 Real-Time Payments Group, the EPC Instant Payments Technology Group and chairs the IPFA rules working group.
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About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers’ premises or through ACI’s private cloud, we provide real-time, immediate payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
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