Real Time Gross Settlement (RTGS) and Wire Transfer
Payments processing for single, immediate, time-sensitive or high value transactions represents one of the key products that a financial institution offers.
RTGS and wire payments must be processed and settled in real time, with the ability to provide customers with real time information and status updates. ACI provides global payment processing solutions that streamline high value payments processing and provide continuous processing to maximize straight-through processing (STP) rates. The Universal Payments technology enables country-specific clearing connections to be added quickly with low risk to the financial institution.Read Info Sheet Contact us
Single Euro Payments Area Transactions
The European requirements of the Single Euro Payments Area (SEPA) have introduced across the Eurozone new payment instruments - SEPA credit transfers and SEPA direct debits. The focus is now on realizing the full potential of these changes. The formats offer the capability to offer more remittance information and realize improved reporting and reconciliation.
With SEPA credit transfers (SCT) and SEPA direct debits (SDD) already in production, and end dates for the migration from legacy instruments looming, banks are working hard to meet the new regulations and offer value-added services, while minimizing the investment required.
Meanwhile the SEPA Cards Framework (SCF) provides high level principles and rules for schemes, banks, and processors to enable European customers to use general purpose cards to make payments and cash withdrawals in Euro throughout the SEPA area with the same ease, convenience and method as domestically. The SCF mandated the use of EMV to cut cross-border card fraud and the rollout is still in process a number of countries.
PSD2 drives more convenience and access to the user. Real-time information and notifications, additional security requirements and overall greater consistency aims to drive ecommerce and promises more transparency around payments services.
Those financial institutions that lead the way in realizing the value to be offered alongside SEPA formats and PSD2 will win the cash management customers and take regulation beyond just basic compliance.
Financial messaging is the cornerstone of financial services. Financial institutions must be able to send and receive multiple messages in many different formats, yet are under ever-increasing pressure to reduce operational and infrastructure costs while improving service levels.
The transition to MX / ISO20022 is a key global event for financial messaging in the evolution to leverage new technologies and increase cost efficiencies. And use of the SWIFT network is increasingly being adopted by the corporate market.
By coupling SWIFTNet with a streamlined internal operation, financial institutions can improve efficiency and focus on new business initiatives to increase revenues.
A financial institution must consider the impact of MX on their entire ecosystem. A foundation that supports the InterAct and FileAct protocols as well as MX solutions sets such as SWIFTNet Funds, Cash Management, etc. is critical to establishing a financial institution for the dynamic changes in the global messaging arena.
Low Value and Bulk Payments Processing
As low value payment products become more complex, with new demands from regulators and customers alike, it is imperative that financial institutions have processing models that support the new requirements. Whether it be a move to same day ACH, extended remittance information, cross-border or newer formats to be supported, batch processing is becoming more complex globally.
Electronic volumes are growing, based on greater access to funds, and the confidence consumers have in the protection offered for these types of transactions. At the same time, the underlying structures of these transactions are changing. ISO20022 structures are more prevalent and extended remittance information is critical to providing information associated with the transactions. It is critical that a payment engine can support both the growth and evolution to meet these demands.
Customers of financial institutions are increasingly demanding real-time processing that offers improved visibility to real-time liquidity information.
Traditionally, this has been focused on high-value payments, but now the expectation for real-time, immediate payments is moving to lower value transactions. While there is still the need for batch processing such as SEPA, more and more real-time initiatives are underway such as U.K. Faster Payments, Singapore's FAST/G3 and the Australia New Payments Platform to meet the demands of consumers and businesses.
Sophisticated, consistent processing is needed regardless of whether these transactions are processed as domestic ACH, non-urgent cross-border transactions or in real-time according to a specific country scheme.
Electronic volumes are growing, based on greater access to funds, and the confidence consumers have in the protection offered for these types of transactions. At the same time, the underlying structures of these transactions are changing. ISO20022 structures are more prevalent and extended remittance information is critical to providing information associated with the transactions. It is critical that a low-value engine can support both the growth and evolution to meet these demands.
Read Immediate Payments data sheet