ACI’s UP Framework will help TransferWise to power its global network as it continues its rapid expansion, and will enable the money transfer provider to quickly add more payment types to its network.
TransferWise is one of the UK’s most successful fintech start-ups. Based on a peer-to-peer model with no hidden charges, the company offers international money transfers at substantially lower prices than traditional banks, by matching up payments with those going in the opposite direction to minimize the money crossing borders, to the benefit of the customer. The partnership with ACI positions TransferWise for future growth as ACI’s UP Framework offers the scalability and flexibility needed to provide additional payments services.
"Financial service providers, both old and new, are in a race to capture new market share and stay ahead of increasing cross-border competition. Moreover, these organizations want to purchase end-to-end highly available and scalable solutions from a single, established vendor, which is why they’re turning to ACI," said Daren Wedge, Head of Consumer Banking, Europe, ACI Worldwide. "Leveraging ACI’s UP Framework will allow TransferWise to quickly support new value propositions and future access to a variety of channels, payment types and networks, including the UK Faster Payments network."
60 percent of direct participants of the UK Faster Payments scheme currently use ACI’s Faster Payments solutions. The central infrastructure of UK Faster Payments — widely considered a global model for the industry — uses ACI’s UP Framework for Immediate Payments. ACI is also actively engaged in other industry initiatives to drive real-time payments and global payments interoperability.
