Outside the U.S., where payments are often managed centrally and through a government organization, the next wave of real-time payment system deployments is beginning to ignite. Countries are eager to offer real-time payments, but building a secure, always on, payment infrastructure that serves the needs of banks and end users is likely not something that they have experienced before.
Vocalink (a part of Mastercard) and ACI have partnered up to help central banks streamline the implementation process. With approximately 20 countries and regions considering their next steps, there’s plenty of interest. Here’s more from their joint press release:
“…the combination of Mastercard’s central infrastructure and ACI’s payments access and real-time message transformation technology delivers an unmatched end-to-end offering. The new joint solution delivers key benefits including:
- Flexible deployment options — Mastercard and ACI collaboration provides deployment options that range from a fully managed service in the cloud, to supporting on-premise software for government, central bank and system operator-owned platforms
- Ability to support existing local market requirements — the joint solution reduces the amount of time to onboard participants and provides flexibility to accelerate real-time adoption
- ISO20022-first approach — joint real-time capabilities support organizations today and tomorrow, and provide translation to and from existing standards
- Digital services — further capabilities to support new digital services such as request to pay, proxy services and biller services
- Global proposition, local expertise —Mastercard and ACI collaboration brings together global reach, international experience and the local market knowledge
Looking ahead, I think it will be interesting to watch the evolution of real-time cross-border and cross-currency activity. I have to imagine that those countries on the same technology base can make that a reality more efficiently.
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group