ACI Worldwide powers TARGET Instant Payment Settlement scheme

Tuesday 2 October 2018 13:09 CET | News

ACI Worldwide, a global provider of real-time electronic payment and banking solutions, has announced support for the new pan-European TARGET Instant Payment Settlement (TIPS) scheme.

Available as part of its UP Real-Time Payments Solution, ACI enables financial institutions of all sizes to offer TIPS pan-European instant payments services, with minimal cost and fast time to market. Offered as a cloud-service or on premise, the new solution functionalities are designed to scale up and can be modified to suit the requirements of any other domestic or pan-European instant payments scheme.

TIPS is scheduled to go live on November 30, 2018 and will enable payment service providers to offer fund transfers in real time and around the clock, 365 days a year. TIPS participants will enjoy instant settlement in central bank money, pan-European reachability as well as optimised liquidity.

Features at a glance

  • Complete functionality to meet mandatory requirements for TIPS, including interface to TIPS scheme and processing for inbound and outbound messages;

  • Integration with a single point of entry into existing environment;

  • Pre-configured implementation services packages to speed up time to market and reduce project costs with support through the European Central Bank Certification process;

  • Possibility to upgrade anytime to take advantage of business intelligence, exception handling, liquidity management, authorization services, settlement and reconciliation, currency services and more, as part of a full UP Real-Time Payments deployment.

TIPS is one of several new European real-time schemes ACI supports. Currently ACI is also helping banks in Eastern Europe and the Netherlands to prepare for the launch of new real-time schemes.

In the UK, the solution has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. Additionally, ACI powers customer applications accessing Singapore FAST and the Australian NPP (New Payments Platform) and is implementing The Clearing House RTP system and Zelle for customers in the US. ACI serves on the ISO 20022 Real-Time Payments Group, the EPC Instant Payments Technology Group and chairs the IPFA rules working group.

For more information about ACI Worldwide, please check out a detailed profile of this company in our dedicated, industry-specific online company database.

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Keywords: ACI Worldwide, TIPS, TARGET Instant Payment Settlement, instant payments
Countries: World