Mastercard and ACI Worldwide have announced they will be collaborating together to provide banks and other financial institutions a range of global real-time payments solutions.
This collaboration brings together global reach, international experience and local market knowledge to real-time payments solutions, according to a joint press release. Real-time payments enable consumers and businesses to send and receive funds instantly, with certainty of payment and integration of data flows. Both companies expect an increase in real-time payments in the post-COVID era as payments by cash and check continue to reduce.
A recent report from ACI projected a compound annual growth rate of 23.4 per cent in real-time account-to-account payment by 2024. The joint solution will also deliver flexible deployment options that range from a fully managed service in the cloud; reduction of onboarding time; acceleration of real-time adoption and support of new digital services such as request to pay, proxy services and biller services.
“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,” Paul Stoddart, president of new payment platforms, Mastercard said.
“Working together with ACI, we will explore a wide range of opportunities to accelerate the development and usage of real-time and multichannel payment platforms, driving choice and innovation to market participants and end customers.”