By Tanya Andreasyan for BankingTech
Two payments specialists, ACI Worldwide and Vocalink, have joined forces “to offer a complete end-to-end immediate payments solution to launch a domestic or regional immediate payments network”.
The partnership will combine Vocalink’s Immediate Payments System (IPS) offering for central payment infrastructures and ACI’s UP Immediate Payments solution for banks and financial institutions.
The two companies have already been working together for many years, but say that the latest tie-up is “the first global strategic partnership of its kind”.
Craig Saks, group president, strategic products at ACI, promises the new combined solution will “simplify the challenge of real-time enablement that customers face, and significantly reduce the integration required”.
ACI currently supports over 60% of the direct participants in UK Faster Payments; it also processes for Singapore’s FAST system (which was implemented by Vocalink) and is deploying the New Payments Platform (together with Swift) in Australia.
Vocalink operates the UK national payments infrastructure, which processes 90% of UK salaries, over 70% of household bills and almost all state benefits. It is in the process of being sold to MasterCard.
First appeared at BankingTech