Vocalink, the provider of the Faster Payments solution in the UK, has joined forces with ACI Worldwide, 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 IPS solution for central payment infrastructures and ACI’s UP Immediate Payments solution for financial institutions.
This 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. As part of the partnership agreement, Vocalink will provide their Immediate Payments System solution and connectivity software to clearing houses and central banks globally; ACI will deliver its UP Immediate Payments solution, with our Immediate Payments Gateway pre-integrated, to enable individual organisations such as financial institutions and other payment providers to access the scheme and process transactions.
- Vocalink offer a global, market-leading solution for central infrastructures to manage the clearing of real-time payments according to the rules decided by a particular country or region. (The solution supports the central infrastructures of the UK Faster Payments and the Singapore FAST schemes, and is also being implemented in the U.S. at The Clearing House.)
- ACI’s UP Immediate Payments solution addresses the end-to-end requirements of financial institutions and payment service providers, enabling them to integrate and manage their entire payments ecosystem simply through solution configuration.
This new partnership will deliver easier and faster implementation for all type players in the payment space:
- Craig Saks, Group President, Strategic Products, ACI Worldwide commented: “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.”
- Paul Stoddart, Managing Director, Strategy, Products, Marketing and Business Development, VocaLink commented: “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.”
- Steve Ledford, Senior Vice President, Product and Strategy at The (USA) Clearing House added: “This (partnership) will further support the ubiquity of real-time payments and accelerate adoption in the US.”
Progress of immediate payment solutions
Vocalink’s web-site contains a map of the progress of IP solutions world-wide:
Source & Copyright©2016 - Vocalink
Over the next 2-3 years much of this map will turn white as the USA and the EU implement their new immediate payment solutions. However, AFP’s Andrew Deichler reports from SIBOS that “Faster or More Secure? When it Comes to Payments, Treasurers Want Both” and he recommends that, “When a real-time system is finally launched in the U.S., treasury professionals might want to give it a little time before they begin using it, just in case there are any kinks that need to be worked out.”
CTMfile take: Corporate treasurers are cautious people, they unlikely to rush into using any new immediate payment system. For corporate treasury departments, the issue here is how are they going to use immediate payment solutions to cut their costs of collecting and make payments, AND open up new market niches.
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