ACI Worldwide Collaborates with Raphaels Bank

ACI Worldwide Collaborates with Raphaels Bank
07.06.2016 08:15 am

ACI Worldwide Collaborates with Raphaels Bank


ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, today announced a collaboration with UK banking pioneer Raphaels Bank, opening up access to the Faster Payments Scheme in the UK for a significant number of financial institutions, including challenger banks and payment service providers (PSPs).

Historically, access to the Faster Payments Scheme for challenger banks and PSPs was restrictive, often not real-time and typically expensive. ACI’s relationship with Raphaels Bank offers an alternative to financial institutions and PSPs, with ACI serving 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 financial institutions, which can now provide their customers with 24/7 real-time payments capabilities. 

“Raphaels’ reputation for enabling innovation in payments, coupled with ACI’s UP Immediate Payments Solution for the UK, 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,” said Mike Smith, commercial director, Raphaels Bank.

“ACI’s technology and solutions have underpinned the Faster Payments Scheme since its inception in 2008. The central infrastructure of the Scheme—widely considered a global model for the industry—incorporates ACI’s UP Immediate Payments technology, and eight of the twelve direct participants use ACI’s faster payments solutions,” said Daren Wedge, senior vice president, Financial Intermediaries and Immediate Payments, ACI Worldwide. “We encourage all PSPs and financial institutions looking to gain access to UK Faster Payments to move to the New Access Model, which provides a unique opportunity to access the scheme and the ability to offer their customers faster payments 24/7.” 

ACI offers SaaS-based solutions to accelerate time to market for clients new to UK Faster Payments, and is actively engaged in numerous industry initiatives to drive real-time payments globally.

Related News

Regulation gives boost to card acceptance in Europe

Regulations and ongoing rollouts of contactless terminals at the point of sale are boosting card acceptance networks... Read more »

Appian Helps Banks Automate Lending under the CARES Act Payment Protection Program (PPP)

Appian (NASDAQ: APPN) today announced an application that enables banks to accept and manage PPP loan applications from small businesses, support their unique servicing... Read more »

PPS Powers koto – The First E-money Account to Provide Credit

PPS, formerly PrePay Solutions, and subsidiary of Edenred, the everyday companion for people at work, has today... Read more »

Uber Eats partners with Mastercard to commit an additional 40,000 meals for NHS staff

From today, an additional 40,000 free meals will be available to NHS heroes on Uber Eats.

Together, Uber Eats and Mastercard hope this will help reduce the pressure on... Read more »

MuchBetter and Winwatch launch world’s first analogue watch with “payment glass”

Payments app MuchBetter and Swiss watch smart glass provider, ... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel