ACI Worldwide, a global leader in mission-critical, real-time payments software, announced it will be supporting transactions on the Federal Reserve’s newly live instant payment rail, the FedNow Service. ACI is among the first service providers that will be supporting transaction activity for financial institutions on the service.
Through the FedNow Service, ACI Worldwide is positioned to offer financial institution customers access to instant payments, helping them remain competitive and offer best-in-class service for business and consumer customers. Further, ACI’s award-winning fraud protection services are available as part of ACI’s Real-Time Payments Cloud for U.S. customers. Featuring built-in integrated fraud protection, ACI supports connectivity to both The Clearing House’s Real-Time Payments network and the FedNow Service.
“As a service provider of the FedNow Service, ACI Worldwide demonstrates dedication to innovation,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Financial institutions benefit from the ability to offer instant payments through the seamless experience offered by service providers; these critical organizations expand the reach of instant payments and pave the way for industrywide progress.”
To support transaction activities for financial institutions participating in the FedNow Service, ACI – a FedNow Instant Payment Pioneer – completed a multi-step customer testing and certification program in the months leading up to launch. ACI Worldwide is currently certified across all payment activities, including fulfilling a checklist of requirements to confirm ability to send, receive and process ISO 20022 messages and meet the requirements to successfully operate in a 24x7x365 instant payments environment.
“ACI is proud to have worked closely with the Federal Reserve on FedNow, as we recognize the material benefit of the launch of the new service for financial institutions. Banks want partners who can facilitate and protect real-time payments transactions, supporting new customer products and use cases,” said Thomas Warsop, president and CEO of ACI Worldwide. “Our 20+ years of experience helping global financial institutions across countries in Asia, Europe and the Americas adopt real-time payments rails enables us to offer end-to-end support and be true strategic partners to our clients.”
Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.
SOURCE: Businesswire