OTP Bank already uses ACI’s UP Retail Payments Solutions and UP Payments Risk Management Solution and the new partnership will allow the bank to pursue its digital evolution by leveraging ACI’s API Manager capabilities and implement UP Immediate Payments.
The two solutions will serve as the foundation for the bank’s open banking strategy. UP Immediate Payments allow for the processing and settlement of real-time payments.
OTP will use the instant payments solution for both the new domestic scheme in Hungary, which is mandatory and launches in 2018, as well as the pan-European schemes, including SEPA Instant Credit Transfer (SCTinst) and TARGET Instant Payment Settlement (TIPS).
ACI’s API manager capabilities are designed to support customers in developing a strategic approach to the emerging open banking payments ecosystem, and to provide the tools to meet established and emerging regulatory requirements including PSD2 and GDPR.
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