ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions, today announced that it has been selected by the Federal Reserve Banks to participate in the pilot program for its upcoming FedNow Service, a new real-time payments service. The program will support development, testing and adoption of the new service.
The FedNow Pilot Program will enable thousands of financial institutions across the U.S. to provide secure real-time payment services to consumers and businesses. ACI Worldwide will help shape the FedNow Services features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience the FedNow Service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches and overall real-time payments strategy.
ACI is committed to the advancement of real-time payments in the U.S., and we look forward to helping the Federal Reserve develop its first major new payment system in four decades, said Craig Ramsey, head of real-time payments, ACI Worldwide. The consumer demand for speed, convenience and simplicity with payments will continue to increase, and we are eager to work with the Fed and other pilot participants to drive the successful implementation, adoption and monetization of real-time payments in the U.S.
ACI Worldwide currently supports 18 real-time domestic schemes globally, including Zelle and TCH. The company provides processing for approximately 50 percent of the UKs Faster Payments, the core processing infrastructure for Malaysias Real-Time Retail Payments Platform and STETs real-time payments platform for PSPs in Europe. Additionally, ACI customers are using the ACI Low-Value Real-Time Payments solution to access Singapore FAST and the Australian New Payments Platform. ACI also serves on the ISO 20022 Real-Time Payments Group and the EPC Instant Payments Technology Group.
About ACI Worldwide ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.
Copyright ACI Worldwide, Inc. 2021 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.