Mastercard and ACI Worldwide team up for new payments system

With payments markets getting more competitive than ever before, commercial payments companies are either launching new platforms, improvising on their existing platforms or collaborating with other companies in order to launch a new product into the market.

Last week, SWIFT introduced with a new plan and strategy for securities processing and cross-border payments infrastructure while before another company, Emirates NBD had deployed a centralised international payments system which was based on Tata Consultancy Services TCS BaNCS for Payments.

This week, Florida based payments company, ACI Worldwide has partnered with Mastercard to introduce new payments system globally which according to the company aims to offer central infrastructure, payments localization and access solutions to central banks, scheme operators, financial institutions, payment service providers, and other organizations launching real-time payments initiatives.

“With more countries and regions embarking on the modernization of their payments systems to capitalize on real-time technologies and customer demand, the market opportunity is significant,” said Paul Stoddart, President of New Payment Platforms, Mastercard. “We will explore a wide range of opportunities to accelerate the development and usage of real-time and multi-channel payment platforms, driving choice and innovation to market participants and end customers.”

The collaboration between the two plans to deliver deployment options that would range from service in the cloud, supporting on on-premise software for government, central bank and system operator-owned platforms. Further, it will use the ISO20022 approach and support digital services such as the request to pay, proxy services and biller services, the press release noted.

Recently, ACI Worldwide has upgraded UP Immediate Payments solution which according to the company was upgraded to address the needs of the growing demand for real-time payments and digital payments.

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