ACI Worldwide, a provider of real-time electronic payment solutions, has partnered with Raphaels Bank to enable payment service providers (PSPs) and challenger banks to access UK Faster Payments Scheme.

The partnership offers an alternative to financial institutions and PSPs, with ACI serving as a ‘technical aggregator’ to provide real-time access to Faster Payments through the New Access Model.

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Raphaels Bank, which is already using ACI technology, will provide sponsoring services to other financial institutions which can provide their customers with 24/7 real-time payments capabilities.

ACI Worldwide senior vice president of financial intermediaries and immediate payments Daren Wedge said: "ACI’s technology and solutions have underpinned the Faster Payments Scheme since its inception in 2008. The central infrastructure of the Scheme — widely considered a global model for the industry — incorporates ACI’s UP Immediate Payments technology, and eight of the twelve direct participants use ACI’s faster payments solutions.

"We encourage all PSPs and financial institutions looking to gain access to UK Faster Payments to move to the New Access Model, which provides a unique opportunity to access the scheme and the ability to offer their customers faster payments 24/7."

Raphaels Bank commercial director Mike Smith said: "Raphaels’ reputation for enabling innovation in payments, coupled with ACI’s UP Immediate Payments Solution for the UK, will provide a real alternative for PSPs and challenger banks looking to participate in the Faster Payments Scheme, at a scale appropriate for their needs."

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