ACI Worldwide has announced its support for the SWIFT universal confirmations programme, which mandates participating financial institutions to confirm customer payments.
The programme, set to go live this November, is scheduled to become compulsory by the end of next year.
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ACI also launches universal confirmations for customers willing to participate in a pilot programme, before the rules become obligatory.
ACI Worldwide head of Real-Time Payments Craig Ramsey said: “For ACI, this is another exciting opportunity to collaborate with SWIFT, as we expand on our real-time payments offering, providing real-time information on payments.
“We pride ourselves on being on the cutting edge of key technologies and industry initiatives and look forward to offering our customers the ability to take advantage of SWIFT’s programme.”
According to the SWIFT website, payment confirmations will help to ensure the smooth flow of money across the globe. It also simplifies end-to-end tracking of payments.
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By GlobalDataSWIFTgpi head of customer success Fabien Depasse said: “Without confirmations, the flow of money around the world becomes more complicated. Businesses depend on knowing that a payment has arrived and this is an integral part of their supply chain.
“Without this step, trade can grind to a halt and goods and services end up delayed.
“Confirmations enable banks to provide an excellent customer experience by offering transparency and certainty that the funds have reached their destination and are available to the beneficiary.”
Under the new system, SWIFT gpi member banks can access the full gpi Tracker to confirm payments. Financial institutions that are not gpi-enabled can confirm incoming payments manually using a new Basic Tracker and other automated solutions.
