To achieve FedNow certification, ACI Worldwide completed a comprehensive testing curriculum, including fulfilling a checklist of requirements to confirm ability to send, receive, and process ISO 20022 messages and meet the requirements to successfully operate in a 24/7/365 instant payments environment.
ACI’s officials said they look forward to working closely with Corporate One and future partners to process real-time payments through FedNow and the ACI Real-Time Payments Cloud solution. They have engaged closely with the US Federal Reserve in the development of FedNow since the service’s inception, and they are happy that ACI Worldwide has been designated by the Federal Reserve as a FedNow Instant Payment Pioneer.
Partnering with ACI Worldwide will enable Corporate One, one of the largest corporate credit unions in the United States and a frontrunner in real-time payments within the credit union industry, to extend its immediate payments solutions to the FedNow Service, bringing secure, protected instant payments integration to its substantial community of credit union members and partners. Corporate One serves 14 of the top 50 credit unions in asset size and has more than 700 members across 45 states, reaching more than 28.5 million people.
Corporate One explained that their partnership with ACI Worldwide is instrumental in expanding their immediate payments expertise and capabilities to include the FedNow Service. They have worked together on solutions for the RTP network and as FedNow pilot participants, and they are confident that ACI will bring experience to ensuring Corporate One and their credit union members will benefit early from FedNow.
In partnership with Microsoft, ACI Worldwide will operate the FedNow Service on its new, fully cloud-native service, the ACI Real-Time Payments Cloud, a multi-tenant SaaS platform in Microsoft Azure, supporting connectivity to both The Clearing House Real-Time Payments network and FedNow. Transitioning to cloud-based infrastructure requires careful consideration, as payment systems are increasingly complex. ACI Worldwide provides customers that have been running its mission-critical system for decades a transition path to new architectures.
ACI Worldwide provides real-time payments software. Their secure and scalable software solutions enable corporations, fintechs, and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. ACI combines its global footprint with a local presence to drive the real-time digital transformation of payments and commerce.
For more information about ACI Worldwide, please check out The Paypers Company Database.
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