ACI and SWIFT
ACI supports around 9 percent of global SWIFT traffic and approximately 30 percent in the US. ACI offers services to banks around the world wanting to connect to and leverage the SWIFT’s global payment initiative (gpi). ACI also supports real-time schemes around the world, meaning that any bank can use Real-time Payment Systems to support SWIFT FIN, gpi, DLT (e.g. Ripple), Wire and immediate payments.
What is SWIFT?
SWIFT is a bank-owned cooperative provider of secure financial messaging services. Swift’s messaging platform, products and services connect more than 11,000 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories. Other SWIFT products and services support access and integration, business intelligence, reference data and financial crime compliance needs. SWIFT brings the financial community together at global and regional levels to shape market practice, define standards and debate issues of mutual interest or concern.
SWIFT gpi connects all intermediaries in a payment chain through the cloud, giving corporate treasurer’s greater transparency over transaction fees, foreign exchange rates and, most importantly, the same-day availability of funds.