Ripple partner ACI Worldwide has announced an extensive strategic collaboration with leading financial services company Mastercard on September 29. As part of the partnership, ACI Worldwide and Mastercard will create real-time payment solutions for central banks and other market participants.
ACI And Mastercard Tech Will Combine For One-of-a-Kind Payment Solutions
Announced yesterday, ACI and Mastercard have joined hands to create a wide range of real-time payment solutions globally. For the initial stage, however, the two companies will modernize payments for central banks, financial institutions, payment providers, and other firms that are focused on real-time payments.
ACI currently powers real-time payments for over 6000 organizations across the globe. Moreover, over 1000 financial institutions depend on ACI to process roughly $14 trillion in payments daily.
With this new tie-up, ACI and Mastercard will combine their infrastructure, technology, and experience to build up an “unmatched” payments solution characterized by flexible deployment options, ISO20022-first approach, digital services, and modification to suit local market requirements.
This Mastercard-ACI Initiative For Real-Time Payments Could Be A Game-Changer
Both Mastercard and ACI Worldwide are leaders in real-time payments. By forging a partnership, the pair is in a good position to create an unrivaled system that allows central banks and other customers to send transactions in real-time. The ability to make global payments easier will be a game-changer.
Speaking about the purpose of partnering with Mastercard on the new offering, Chief Strategy and Transformation Officer, ACI, Craig Saks said:
“Mastercard and ACI share an extensive and complementary track record of real-time payments success — driving global central infrastructure clearing and settlement schemes, and this partnership creates the most robust and complete set of real-time capabilities in the market today. Our companies are the leaders in real-time payments and aligning on an end-to-end solution will provide great benefit not only to banks and central infrastructures but to merchants, billers, fintechs, and intermediaries — and their customers — as well.”
Giving his thoughts on working with ACI, Paul Stoddart, President of New Payment Platforms at Mastercard posited:
“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. Working together with ACI, we will explore a wide range of opportunities to accelerate the development and usage of real-time and multi-channel payment platforms, driving choice and innovation to market participants and end customers.”