ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced support for the new pan-European TARGET Instant Payment Settlement (TIPS) scheme.
Available as part of its UP Real-Time Payments Solution, ACI enables financial institutions of all sizes to rapidly offer TIPS pan-European instant payments services, with minimal cost, disruption and fast time to market. Offered as a cloud-service or on premise, the new solution capabilities are designed to scale up and can be quickly modified to suit the requirements of any other domestic or pan-European instant payments scheme.
TIPS is scheduled to go live on November 30, 2018 and will enable payment service providers to offer fund transfers in real time and around the clock, 365 days a year. TIPS participants will enjoy instant settlement in central bank money, pan-European reachability as well as optimised liquidity.
“Many banks in Europe rapidly want to launch TIPS services, but enter the market with minimal disruption to their existing business,” said Craig Ramsey, Head of Real-Time Payments, ACI Worldwide. “Our solution addresses this challenge. It is designed for banks to get up and running fast, at minimal cost and with the ability to scale functionally and handle increasing transaction volumes.”
Features at a Glance
In the UK, the solution has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. Currently, more than 50 percent of the scheme’s payments are being processed by ACI. Additionally, ACI powers customer applications accessing Singapore FAST and the Australian NPP (New Payments Platform) and is implementing The Clearing House RTP system and Zelle for customers in the US. ACI serves on the ISO 20022 Real-Time Payments Group, the EPC Instant Payments Technology Group and chairs the IPFA rules working group.
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