Sign In  |  Register  |  About San Anselmo  |  Contact Us

San Anselmo, CA
September 01, 2020 1:33pm
7-Day Forecast | Traffic
  • Search Hotels in San Anselmo

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

ACI Worldwide Leader Role in FedNow Pilot Expanded and Lauds Progress

ACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software, applauded the progress of the FedNow Pilot Program, the new U.S. real-time payments system, and announced the company's expanded leadership involvement in testing before the planned industry launch in 2023. In its leading role in the FedNow pilot's advisory phase since 2021, ACI has helped the progress toward critical milestones through testing and design activities of the FedNow instant payments network.

ACI has contributed to the technical and operational tasks that will lay the groundwork for full-scale, end-to-end testing of FedNow later this year, including onboarding and participant certification. ACI helped successfully connect and deliver test messages over a pilot version of the FedNow service within the FedNow testing environment. ACI also participated in the initial advisory phase of the FedNow pilot program by providing input and feedback on message flows, data content and value-added services such as request for pay.

"Our collaboration with the Federal Reserve has helped drive FedNow's readiness for the launch phase. We are excited to be a part of the progress and continue to support the FedNow Pilot Program, bringing our expertise from building real-time payment schemes for central governments and banking networks worldwide. We are ready to support our customers on their FedNow journey when it launches in 2023," said Craig Ramsey, head of real-time payments, ACI Worldwide.

ACI's Prime Time for Real-Time 2022 report, launched last week, found real-time payments account for 0.9% of total payments volume in the U.S in 2021. In contrast, by 2026, real-time payments are forecast to account for 25.6% of total global electronic payments, up from 13.8% of total global electronic payments in 2021. Emerging economies led by India, China, Thailand, Brazil and South Korea are outpacing developed nations in real-time growth and the associated economic benefits. Leading developed countries, including the U.S., Canada, U.K., France and Germany, lag on the real-time transaction uptick and are losing out on economic growth.

"Although 0.9% of total payments volume in the U.S. may appear low, in the context of the number of electronic payments happening in the U.S. every year, it's a sizeable volume of real-time payments. With the launch of FedNow, we expect to see that volume quadruple over the next five years," Ramsey concluded.

The Prime Time for Real-Time 2022 report tracks real-time transaction volume in 53 countries and, for the first time, the report includes a comprehensive view of the economic benefits of real-time payments for consumers, businesses and the broader economy across 30 of the world's largest economies including the U.S. and other industrialized and developing nations.

For more information, or to learn more about ACI’s Prime Time for Real-Time 2022 report, visit ACI at booth 711 at NACHA's Smarter Faster Payments 2022.

About ACI Worldwide

ACI Worldwide is the global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs, financial disruptors and merchants to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2022

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanAnselmo.com & California Media Partners, LLC. All rights reserved.