ACI Worldwide has extended its collaboration with MasterCard-owned Vocalink to accelerate the adoption of real-time payments in Saudi Arabia.
The goal will be powered by ACI’s UP Real-Time Payments solution. Furthermore, this will enable participating Saudi banks to join the real-time service. The overall platform is quicker and more secure.
The tie-up will combine the payments solution of ACI and Vocalink’s IPS solution for central payment infrastructures.
ACI COO Craig Saks said: “ACI’s Real-Time Payments will provide Saudi Arabia’s financial services sector with the industry’s most complete platform to launch innovative new services based around real-time payments, while minimising delivery risk.
“ACI already powers real-time payments in the US, across Europe, Asia and Australia – a reflection of the growing ubiquity of real-time payments globally.
“Our partnership with Vocalink is part of what ACI already does, and the extension of our partnership to Saudi Arabia further solidifies ACI’s ability to help banks leverage speed-to-market for access to real-time payments.”
The latest development comes shortly after the announcement of Saudi Arabian Monetary Authority’s partnership with Vocalink to launch real-time payments in the kingdom.
Recently, Indonesian interbank network ALTO selected ACI’s UP Retail Payments solution to strengthen its digital payment capabilities.