Mastercard-ACI-Worldwide-payments-techxmedia

ACI and Mastercard to collaborate and provide real-time payment solutions

Banking & Insurance Industries
Share

ACI Worldwide and Mastercard announced that they will partner to provide a wide range of real-time payment solutions globally. They will initially collaborate to offer best-in-class central infrastructure, payments localization and access solutions to central banks, scheme operators, financial institutions, payment service providers, and other organizations launching real-time payments initiatives.

The real-time account-to-account payments market continues to quickly expand. Prime Time for Real-Time — a recent study analyzing global real-time, account-to-account payment volumes and forecasts across 30 global markets — projects a Compound Annual Growth Rate (CAGR) of 23.4 percent from 2019 to 2024. While existing schemes around the world are adding new participants and value-added services, additional country and regional schemes are launching each year, including more than 20 schemes in varying planning stages.

With a complementary real-time payments vision, the combination of Mastercard’s central infrastructure and ACI’s payments access and real-time message transformation technology delivers an unmatched end-to-end offering. The new joint solution delivers key benefits including:

  • Flexible deployment options — Mastercard and ACI collaboration provides deployment options that range from a fully managed service in the cloud, to supporting on-premise software for government, central bank and system operator-owned platforms
  • Ability to support existing local market requirements — the joint solution reduces the amount of time to onboard participants and provides flexibility to accelerate real-time adoption
  • ISO20022-first approach — joint real-time capabilities support organizations today and tomorrow, and provide translation to and from existing standards
  • Digital services — further capabilities to support new digital services such as request to pay, proxy services and biller services
  • Global proposition, local expertise —Mastercard and ACI collaboration brings together global reach, international experience and the local market knowledge

“With more countries and regions embarking on the modernization of their payments systems to capitalize on real-time technologies and customer demand, the market opportunity is significant,” said Paul Stoddart, President of New Payment Platforms, Mastercard. “Working together with ACI, we will explore a wide range of opportunities to accelerate the development and usage of real-time and multi-channel payment platforms, driving choice and innovation to market participants and end customers.”

“Mastercard and ACI share an extensive and complementary track record of real-time payments success — driving global central infrastructure clearing and settlement schemes, and this partnership creates the most robust and complete set of real-time capabilities in the market today,” said Craig Saks, Chief Strategy and Transformation Officer, ACI Worldwide. “Our companies provide great benefit not only to banks and central infrastructures, but to merchants, billers, fintechs and intermediaries — and their customers — as well.”

Tagged

Leave a Reply

Your email address will not be published. Required fields are marked *