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ACI Worldwide connects national banks to the UAE Instant Payments Platform

Thursday 20 January 2022 13:24 CET | News

US-based payment solutions provider ACI Worldwide has announced that it is working closely with national banks to connect them to UAE’s real-time payments scheme.

The UAE Instant Payments Platform (IPP) will enable instant transfers between bank accounts 24/7/365, with participation mandatory for all financial institutions in the country. The scheme will provide core payments and overlay services such as Request to Pay, built on top of the new instant payment rails. The UAE Central Bank expects to announce the technical details that will underpin the new scheme in the near future.

The UAE Central Bank has been promoting the modernisation of the country's payments infrastructure for several years and it now hopes to accelerate this process by implementing a domestic real-time payments scheme. IPP is part of the country's National Payments Systems Strategy and aims to provide payments services, promote financial inclusion, and increase financial stability in the UAE.

ACI Worldwide company officials said that ACI already has a large footprint in the UAE and is supporting banks in modernising their payments infrastructure. As real-time payments provider, the company knows first-hand that real-time payments drive economic growth and promote financial inclusion, they added.

For more information about ACI Worldwide, please check out the company profile in The Paypers Company Database.


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Keywords: ACI Worldwide, real-time payments, Request to Pay, payments infrastructure, banks
Categories: Payments & Commerce
Companies:
Countries: United Arab Emirates
This article is part of category

Payments & Commerce