Payments specialists ACI Worldwide and VocaLink have partnered to offer a complete end-to-end immediate payments solution to launch a domestic or regional immediate payments network.
Partnership will combine VocaLink’s Immediate Payments System (IPS) solution for central payment infrastructures and ACI’s UP Immediate Payments solution for financial institutions.
“It is the first global strategic partnership of its kind and will offer participants a pre-integrated solution, enabling quicker onboarding to the payments scheme and broader reach to more scheme participants in a fast and efficient manner,” the companies said in a joint statement.
Commenting on the partnership, ACI Worldwide group president strategic products Craig Saks said: “This new joint effort allows organizations to leverage the benefits of real-time payments with certainty, and also minimizes delivery risk.
“By providing our customers with a pre-certified solution that is already tightly integrated with the VocaLink IPS real-time payment system, we can simplify the challenge of real-time enablement that customers face, and significantly reduce the integration required; this ensures that they are able to offer real-time payments to their customers as quickly as possible.”
VocaLink managing director of strategy, products, marketing and business development Paul Stoddart said: “At a time when numerous regions and countries look to launch their own faster payments scheme, the combined offering is a powerful proposition to activate an immediate payments processing environment in an expedited manner.
“Together, we will be able to offer the market-leading, real-time payments system to a far greater number of banking customers, and allow millions of people use of the most efficient payments system.”
Vocalink, which is in the process of being acquired by MasterCard, operates the UK national payments infrastructure, which processes 90% of UK salaries, more than 70% of household bills and almost all state benefits.
ACI currently supports over 60% of the direct participants in UK Faster Payments. It also processes for Singapore’s FAST system and is deploying NPP in Australia.