ACI Worldwide teams with Raphaels Bank for Faster Payments Scheme access
Mike Smith, Raphaels Bank
ACI Worldwide is partnering with UK-based Raphaels Bank, opening up access to the Faster Payments Scheme in the UK for financial institutions (FIs), including challenger banks and payment service providers (PSPs).
ACI says its relationship with the bank means FIs and PSPs can use ACI as a “technical aggregator” providing real-time access to Faster Payments through the New Access Model.
Raphaels Bank already makes use of ACI technology, and will provide sponsoring services to other FIs, which can now provide their customers with 24/7 real-time payments capabilities.
Mike Smith, commercial director, Raphaels Bank, says the deal will provide a “real alternative for PSPs and challenger banks looking to participate in the Faster Payments Scheme, at a scale appropriate for their needs”.
Daren Wedge, senior vice-president, financial intermediaries and immediate payments, ACI Worldwide, says its technology and solutions have “underpinned the Faster Payments Scheme since its inception in 2008”.
He adds that the central infrastructure of the scheme incorporates ACI’s UP Immediate Payments technology, and eight of the twelve direct participants use ACI’s faster payments solutions.
More teamwork
Recently, and in a separate deal, Italian payments firm SIA teamed with Raphaels to develop and launch payment solutions in the UK and across Europe.
As part of the agreement, Raphaels and SIA will offer SEPA payments services to clients through the bank’s “indirect participation” in the SEPA Credit Transfer and SEPA Direct Debit schemes.
