The partnership 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 its Immediate Payments System solution and connectivity software to clearing houses and central banks globally; ACI will deliver its UP Immediate Payments solution, with VocaLink’s Immediate Payments Gateway pre-integrated, to enable individual organizations such as financial institutions and other payment providers to access the scheme and process transactions.
VocaLink offers a global 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 US 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. ACI has a strong customer base of financial institutions, payment service providers, fintechs and schemes using its UP Immediate Payments solution.
More than that, ACI currently supports over 60% of the direct participants in UK Faster Payments; the company also processes for Singapore’s FAST system and is deploying NPP in Australia. VocaLink operates the UK national payments infrastructure, which processes 90% of UK salaries, more than 70% of household bills and almost all state benefits. It also implemented the FAST service in Singapore and processes the majority of Sweden’s automated payments.
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