Real-time payments are coming to you

Real-time payments are coming to you

Payments software and services vendor ACI Worldwide says its latest version of UP Immediate Payments provides “single point of access to all immediate payments schemes globally”.

The solution is available as a Software-as-a-Service (SaaS) delivery model or on-premise.

ACI says it “features new functionality designed specifically for the management and processing of real-time payments, and is designed to provide connectivity to the pan-European SEPA Instant Credit Transfer Scheme (SCT Inst) and TCH Real-time Payments in the US”.

The pan-European SCT Inst scheme is due to go live in November 2017.

The pilot for the TCH project in the US – built on the VocaLink tech – is expected to go live later this year.

VocaLink’s instant payments infrastructure is already licensed in Singapore (FAST), Sweden, Thailand and the UK (Faster Payments). The company, however, lost out to Swift in a bid to build a new real-time payments platform in Australia.

“The new schemes will be the most comprehensive real-time payment systems ever developed,” comments Barry Kislingbury, director solution consulting, immediate payments, ACI. “2017 will be an exciting year for immediate payments in Europe and the US.”

Other new features in the latest version of UP Immediate Payments include the support for Swift’s ISO 20022 and ISO 8583 messaging standards, and European Payments Council’s SEPA Inst Rule books. The solution is also multi-tenant and multi-IP scheme ready, the vendor says.