newslogical.com
One of Ripple Labs Inc.’s strongest partners, ACI Worldwide, with over $14 Trillion daily transactions in payment and security services, is partnering MasterCard.
The two financial institutions will start collaborating to give central banks rare and industry-leading technology and expertise purposely to expedite real-time payment networks across the globe.
ACI Worldwide has over the years been offering instant digital payment software and solutions. Both ACI Worldwide and Mastercard will now offer diverse instant payment solutions to businesses, organizations, payment service providers, scheme operators and central banks.
The two firms, considering their age-long expertise in the payment infrastructure industry, will be offering the state of the art solutions in a manner never seen before.
With the amalgamation of ACI’s payment access and real-time message transformation technology coupled with Mastercard’s central infrastructure, the two are set to offer an unmatched end-to-end service that includes but not limited to flexible deployment options, ISO20022-first approach, global proposition, local expertise, and a host of digital services.
With tentacles in the US and beyond, ACI says it supports 18 real-time domestic schemes worldwide, and nothing less than 50 percent of the UK’s Faster Payments (UKFP), 75 percent of Hungary’s GIRO transactions are serviced through ACI’s UP Immediate Payments.
The UP Immediate Payment is being regarded as a major solution for Malaysia’s Real-Time Retail Payments Platform (RPP), and at the same time, STET’s real-time payments platform for PSPs across Europe.
With over 6,000 organizations worldwide, ACI performs $14 trillion in payments and securities daily.The firm partnered with Ripple in 2019.
ACI makes it easy for banks globally to deploy SWIFT FIN, gpi, Ripple, Wire, and immediate payments. In a separate development, ACI is responsible for upgrading the State Bank of India’s payment switching system. In India, SBI is said to be the largest public bank. ACI already upped SBI’s ATM and PoS network infrastructure.
The payment solution says it is helping SBI to upgrade its infrastructure using Retail Payments solution. The bank’s ATMs will now make use of Visa, MasterCard and RuPay.
Meanwhile, Ripple’s chain of partners continues to increase. Already, the blockchain enterprise firm has hundreds of partners making use of its payment solutions. Some of its partners like MoneyGram, are already dependent on Ripple’s infrastructure, On-Demand Liquidity, which abolishes putting funds in Nostro for cross border remittance.