ACI powers Faster Payments for Turkish Bank UK
The UK-based bank will use ACI’s aggregator service to connect to the nation’s Faster Payments Scheme (FPS) – allowing it to process all transfers to and from UK bank accounts “instantly”. It will use the service via ACI’s cloud-based delivery model run from its new European data centre, which opened in Limerick (Ireland) last month.
David Stewart, managing director, Turkish Bank UK, says ACI provided it with the “trust and scalability that we were looking for in a vendor”.
ACI acts as a “technical aggregator” providing real-time access to Faster Payments through the New Access Model. The latter is intended to level the playing field for participating payment service providers (PSPs) by guaranteeing settlement between all participants without any shared risk. ACI adds that it supports over 60% of the direct participants in FPS.
Turkish Bank UK is a wholly owned subsidiary of Turkish Bank, founded in 1901, and has been in the UK for over 40 years. Turkish Bank currently uses Temenos’ T24 core banking system.
Teamwork pays off
ACI is no stranger to alliances.
It joined forces with Vocalink “to offer a complete end-to-end immediate payments solution to launch a domestic or regional immediate payments network”.
It also partnered with UK-based Raphaels Bank, opening up access to FPS for financial institutions (FIs), including challenger banks and PSPs.