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June 25, 2019

ACI rolls out real-time disbursement service

Payments technology provider ACI Worldwide has introduced a disbursement service, which enables businesses to disburse money directly to debit cards of consumers.

Dubbed ACI Disbursement Services, the new offering is part of the firm’s UP Bill Payment solution.

The service is powered by Visa Direct and Mastercard Send real-time payments platforms.

It is said to be quicker compared to ACH or check disbursements.

ACI executive vice president Sanjay Gupta said: “It currently takes several days to send out disbursements to consumers, which is unacceptable in a world where consumer expectations for instant and digital payments are high.

“This is especially true with the Gen Z population, whose biggest challenge is the speed with which they receive money.

“And in a situation where a consumer may be displaced due to a natural disaster, these expectations are non-negotiable as far as the consumer is concerned.”

In this context, ACI cited a report by Aite Group that found 65% of US consumers demanding instant payments from businesses or government agencies.

Of those polled in the report, 70% said that they were willing to opt for an instant payment option for disbursements.

Aite senior analyst of retail banking and payments practice Talie Baker said: “However, most disbursement payments take two or more days to arrive, which can lead to a poor consumer experience.

“Offering a solution to this growing market challenge will be important as the number of disbursements are expected to double in the next two years.”

ACI was in the news recently for its investment in Indian digital payments firm Mindgate Solutions.

 

 

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