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March 3, 2021

IRS partners ACI Worldwide to launch new tax payment options for taxpayers

By Shalini mani

Internal Revenue Service (IRS) ACI Worldwide has partnered with to provide new tax payment options for taxpayers in the UIS with ACI Payments.

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Under the tie-up, IRS will allow taxpayers to make cash transactions through a new digital barcode feature using ACI Payments.

After being validated by IRS, taxpayers can obtain a barcode, which is facilitated through ACI and InComm Payments’ VanillaDirect Pay.

These barcode payment tokens are already accepted by over 60,000 participating retail agents with the appropriate amount of cash to cover their tax debt and related service fees.

ACI is claimed to be the first organisation in the US to offer this type of cash payment option for taxpayers.

ACI Worldwide executive vice president Sanjay Gupta said: “As consumers contend with making payments amid the financial strain caused by the pandemic, offering more and convenient payment options will help taxpayers complete their payments.

“ACI is committed to providing a wide array of cost-effective payment methods and channels to help the IRS make payments easier for taxpayers.”

ACI said that the want of cash payment options on the aftermath of the Covid-19 pandemic has turned to be a further disadvantage for unbanked and underbanked populations.

According to a ACI Speedpay Pulse study, over one third of consumers will take minimum six months to catch up on missed bill payments due to pandemic while one in ten consumers said they have past-due monthly bills because of their financial situation during the pandemic.

With ACI Payments, the IRS is said to expand the payment options available to taxpayers and makes it easier for these consumers to pay their taxes.

ACI is one of the longest-tenured service providers for the IRS, with more than $25bn processed in IRS tax payments for over 20 consecutive years.

Last month, ACI announced that it is offering its real-time payments solution to Thailand’s local switch company, National Interbank Transaction Management and Exchange (ITMX).

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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