ACI Worldwide has launched ACI Instant Pay, a real-time payments solution that allows merchants in the UK and Europe to accept instant online, mobile, and in-store payments. This offering comes as a response to regulatory initiatives in Europe, such as the SEPA Instant Credit Transfer scheme, which aims to unlock the benefits of instant payments for European economies. The UK’s Faster Payments scheme is also being modernized through the New Payments Architecture program, leading to increased adoption of instant payments by merchants.
Facts
- ACI Worldwide has launched ACI Instant Pay, a real-time payments solution for merchants in the UK and Europe.
- Europe is witnessing a regulatory push to offer instant payments, with banks across the Eurozone being required to comply with the SEPA Instant Credit Transfer scheme.
- The SEPA regulation mandates financial institutions to provide instant payments at the same cost or lower than standard credit transfers.
- Clearing funds immediately through instant payments provides merchants with greater control over cash flow.
- Instant receipt of funds could potentially help European businesses unlock €1.34-1.84 billion annually.
- Merchants can accept payments without incurring interchange fees, reducing operational costs.
- Instant payments are particularly crucial for eCommerce merchants, allowing for fast delivery, instant payment settlement, and reduced chargebacks.
