ACI Worldwide commits to faster UK payments

fasterpayments

The global electronic payment provider said it has signed a Letter of Commitment supporting the UK’s Faster Payment Scheme’s new access model.

The new access model was introduced in December 2014 and was created to expand the scheme’s availability. The model allows real-time payments to be made available to more UK consumers and levels the PSP operating field.

“Customer demand for real-time payments is quickly becoming a fact of life, and the change is creating huge opportunities for technology providers to meet the needs of prospective challenger banks that need to access 24/7 payments for their customers,” said Mike Banyard, head of development, Faster Payments.

Under the commitment ACI aims to offer services and aid new members in its new capacity as a ‘single tenant’ and ‘multi-tenanted’ aggregator.

The Faster Payment Scheme’s expansion is in line with the new Payment Systems Regulator’s main objective of reviewing the accessibility of UK payments systems.

In a bid to expedite adoption of procedures, the Faster Payments Scheme is reviewing and re-designing its Assurance and Accreditation policy. It hopes to have streamlined adoption for aggregators and PSPs by the end of 2015.

“The UK has been at the forefront of implementing a real-time payments environment. Many countries across the world are now moving towards setting up their own real-time payments systems, and they are looking to the UK as it prepares to enter the next phase in the on-going payments revolution,” commented Paul Thomalla, SVP global corporate relations and business development, ACI Worldwide.

Related reading

Close-up image of woman texting and drinking coffee outdoors
chasecard
screen-shot-2016-09-15-at-10-24-12
screen-shot-2016-09-14-at-12-17-06

Leave a comment