Payment solution provider ACI Worldwide has teamed up with STET, a French clearing and settlement agency, to provide an end-to-end payments solution to payment services providers (PSPs) across Europe.
The collaboration facilitates immediate execution of the payments solution for SCT Inst, which enables instant fund transfers within seconds.
The white label payments platform will be offered both to PSPs directly and national ACHs.
STET plans to launch the instant payment clearing and settlement systems to the European market in November 2017 and ACI will roll out the instant payments solution for banks at the European level.
ACI Worldwide chief operating officer Craig Saks said: “Financial institutions—and their respective customers—are realising the benefits of instant payments and are eager for these capabilities to become ubiquitous within the region.
“Central infrastructures like STET are turning to ACI because they recognise our capabilities to help make their networks successful.”
STET CEO Jean-Marie Vallée said: “ACI is a leader in real-time payments solutions with its Universal Payments (UP) solution set. By leveraging this agreement, new and existing STET members will be able to connect with STET’s Instant Payments CSM quickly and cost effectively, giving broad European reachability.
“Our goal is to make real-time payments a reality for all payment service providers so they can benefit from the innovation being brought to market with SCT Inst while providing the best customer experience. Working with ACI will help us realise broad reach and faster adoption through ACI’s multiple ways to connect—via cloud or installed directly at the PSP.”
STET currently processes over 22 billion transactions per year and supports the full range of payment instruments. ACI has global customer base of financial institutions and payment service providers using its UP Immediate Payments solution.