Digital payments giant ACI Worldwide is teaming up with VocaLink for real-time payments infrastructure.
The companies plant to work together to offer an immediate payments network for both international and domestic payments.
The deal will see VocaLink’s Immediate Payments Gateway and ACI’s UP Immediate Payments tool integrating to offer financial institutions and other players in the payments space access to the scheme.
Back in July, MasterCard announced its (long rumoured) plans to buy Vocalink for £700m ($920m.
VocaLink (formed from a merger of two separate pay tech companies Voca and Link nearly 10 years ago) is owned by a group of banks including the UK “big four” (Barclays, RBS, Lloyds and HSBC) as well as Santander.
The consortium was told by the PSR in February to sell their stakes to boost competition and drive a more open payments industry.
For a refresher, Vocalink operates payment tech platforms that most of us touch every day in the shape of BACS, Faster Payments and LINK, as well as mobile payments service ZAPP. The firm also licensed its Fast ACH tech in countries like Sweden, Singapore and the US. The firm reportedly made £182m in revenues across 11bn transactions in 2015.
> BACS – the Automated Clearing House (ACH) enabling direct credit and direct debit payments between bank accounts
> Faster Payments – the real-time account-to-account service enabling payments via mobile, internet and telephone
> LINK – the UK ATM network
For a deeper dive and an explainer on what all that means, check out our recent podcast with Tom Hays, head of payments at Icon Solutions.
The UK Government has proposed a new plan that would see RBS fund and deliver a series of initiatives to boost competition in UK’s business banking market.
IBM and Visa announced the industry’s first collaboration which brings point of sale everywhere that Visa is accepted.
The payments tech company has secured $44m in its latest Series B round of funding.
The Swedish unicorn is acquiring the profitable payments company for £60m.