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ACI Worldwide and Mastercard Agree Collaboration Pact

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ACI Worldwide, a leading global provider of real-time digital payment software and solutions, and Mastercard, the global multi-rail payments technology company, today announced that they will partner to provide a wide range of real-time payment solutions globally.

They will initially collaborate to offer best-in-class central infrastructure, payments localization and access solutions to central banks, scheme operators, financial institutions, payment service providers, and other organizations launching real-time payments initiatives.

The real-time account-to-account payments market continues to quickly expand. Prime Time for Real-Time — a recent study analysing global real-time, account-to-account payment volumes and forecasts across 30 global markets — projects a Compound Annual Growth Rate (CAGR) of 23.4 percent from 2019 to 2024.

While existing schemes around the world are adding new participants and value-added services, additional country and regional schemes are launching each year, including more than 20 schemes in varying planning stages.

With a complementary real-time payments vision, the combination of Mastercard’s central infrastructure and ACI’s payments access and real-time message transformation technology delivers an unmatched end-to-end offering. The new joint solution delivers key benefits including:

• Flexible deployment options — Mastercard and ACI collaboration provides deployment options that range from a fully managed service in the cloud, to supporting on-premise software for government, central bank and system operator-owned platforms
• Ability to support existing local market requirements — the joint solution reduces the amount of time to onboard participants and provides flexibility to accelerate real-time adoption
• ISO20022-first approach — joint real-time capabilities support organizations today and tomorrow, and provide translation to and from existing standards
• Digital services — further capabilities to support new digital services such as request to pay, proxy services and biller services
• Global proposition, local expertise —Mastercard and ACI collaboration brings together global reach, international experience and the local market knowledge

“With more countries and regions embarking on the modernisation of their payments systems to capitalise on real-time technologies and customer demand, the market opportunity is significant,” said Paul Stoddart, President of New Payment Platforms, Mastercard.

“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.”

“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,” said Craig Saks, Chief Strategy and Transformation Officer, ACI Worldwide.

“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.”

Mastercard is a leading provider of account-to-account and card payments technology globally, with markets including the US, UK and Singapore as real-time payment infrastructure customers. ACI currently supports 18 real-time domestic schemes around the world, including Zelle and TCH in the US. Approximately 50 percent of the UK’s Faster Payments (UKFP) and 75 percent of Hungary’s GIRO transactions are processed through UP Immediate Payments.

 The solution is also the core processing infrastructure for Malaysia’s Real-Time Retail Payments Platform (RPP), and STET’s real-time payments platform for PSPs in Europe. Additionally, ACI has customers using UP Immediate Payments to access Singapore FAST and the Australian NPP (New Payments Platform).

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IT in Banking

Namibia Signs on for India’s UPI Tech

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The Bank of Namibia has called in NPCI International Payments to help the southern African country develop an instant payments system based on India’s hugely successful UPI. Namibia will tap into the technology and expertise behind India’s UPI to develop real-time P2P and merchant payments. NIPL says it will help Namibia modernise its financial ecosystem, boosting the accessibility, affordability and connectivity for both domestic and international payment networks.

Launched in 2016, the UPI has been central to India’s efforts to use digital payments to boost financial inclusion and has now handled well over 100 billion transactions.

The NPCI international subsidiary was set up in 2020 to push the UPI, as well as the RuPay card network, outside of India. Earlier this year, the unit struck a deal with Nepal’s largest payment network and it has also joined forces with Google Pay to accelerate global expansion.

Johannes Gawaxab, governor, Bank of Namibia, says: “Our objective is to enhance accessibility and affordability for underserved populations, achieve full interoperability of payment instruments by 2025, modernize the financial sector, and ensure a secure and efficient National Payment System.

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IT in Banking

G20 Unveils SLAs for Cross-border Payment

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The G20 has identified service level agreements (SLAs) as a priority in helping to achieve its targets in cross-border payment by end-2027. The SLAs define minimum service levels for correspondent banking relationships, the links between payment systems and payment instrument rulebooks.

This can help to meet the G20 goals of making cross-border payments cheaper, faster, more transparent and more accessible, while also ensuring their safety.

The report contains high-level recommendations, key features and guiding questions to inform parties involved in such arrangements. Payment service providers, correspondent banks and/or payment system operators are encouraged to consider the recommendations when establishing new agreements or reviewing existing ones.

The recommendations, key features and guiding questions were informed by a year-long interaction with public and private stakeholders. The recommendations were deliberately kept at a high level. They should not put an undue burden on new and smaller payment arrangements, while still contributing to increased harmonization of new and existing agreements.

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Financial

Nigeria’s SEC Grants Volition Cap License to Kickstart Fund Management 

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Volition Cap, an asset management company empowering the hardworking middle-class to create wealth, announced today that it has secured a fund management license from the Nigerian Securities and Exchange Commission (SEC), as of December 2022.

This license allows the company to operate as a registered fund manager in Nigeria, as it prepares to launch a suite of retail and institutional investment products for Africans living on the continent and in the Diaspora.

Founded in 2018, Volition Cap is a game-changing asset manager that leverages traditional cooperatives, a model it created through Volition Cooperative, a licensed multi-purpose cooperative making investing stress-free for its members.

By leveraging technology to distribute products, Volition Cap will reduce the cost of investment services and the challenge of easy access. With the credibility and trust that an SEC license confers, this home-grown business is poised to scale its bespoke products across Africa and the Diaspora.

Subomi Plumptre, CEO of Volition Cap, said, “Our company was founded by entrepreneurs who truly understand the daily struggles of the middle class. From our operation’s inception, we have focused on empowering this group to attain financial success. The SEC license is a significant milestone for us as we introduce retail and institutional products to drive economic growth.” 

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