ACI Worldwide powers pan-European instant credit transfer scheme
ACI Worldwide has been named by EBA Clearing as one of the “frontrunner service providers” for the pan-European EBA SEPA Instant Credit Transfer Scheme (SCT Inst), due to go live in November 2017.
The scheme will enable consumers and businesses to make euro credit transfers in real-time between accounts across an international area that will eventually span over 34 European countries. The first pilot banks are expected to start testing in Q1 2017.
Barry Kislingbury, director solution consulting, Immediate Payments, ACI Worldwide, says its solution also offers “full real-time payment processing and liquidity functionality, guidance on compliance, fraud, scheme rules, testing and certification”.
ACI Worldwide will support and provide assistance to a number of banks joining the scheme. ACI’s UP Immediate Payments (IP) solution provides a “single point of access and liquidity control to all IP schemes globally”. It is available via a Software-as-a-Service (SaaS) delivery model or on-premise.
In the UK, ACI’s solution has been used by financial institutions to access the UK Faster Payments Scheme (FPS) since its launch in 2008. Currently, nine out of the 14 direct participants of FPS use ACI’s solutions.
