US-based real-time payments software provider ACI Worldwide has launched the ACI Instant Pay solution for European and UK-based merchants. One of the primary benefits that ACI Instant Pay can deliver to merchants is the ability to accept instant online, mobile and in-store payments via a simple API integration with the ACI Payments Orchestration Platform in Europe and the UK.

In a bid to bring the advantages of instant payments to European economies on a larger scale, the European Commission has proposed a new law mandating financial institutions across the Single Euro Payments Area (SEPA) countries to offer instant payments under the SEPA Instant Credit Transfer scheme at the same cost or lower-than-standard credit transfers. ACI Worldwide’s product launch comes in the context of this proposed regulation. Furthermore, the New Payments Architecture program aims to refresh the UK’s Faster Payments scheme thus increasing instant payments adoption among merchants.

What are the main benefits of instant payments for merchants? Merchants can benefit from instant payments in a number of ways, as the system supports better cash flow control and offers the opportunity to minimise operational costs by avoiding interchange fees. In addition, ecommerce merchants that rely on fast deliveries to remain competitive stand to benefit from instant payments even more, as payments can reach their accounts instantly with no settlement delays or chargebacks, which allows them to safely release goods and services straight away. According to the European Commission, the instant receipt of funds could help European businesses unlock between EUR 1.34 and EUR 1.84 billion each year.

ACI Worldwide representatives cited by Yahoo Finance talked about the evolution of payments and emphasised that giving and receiving money electronically should be as instantaneous as handing over cash, particularly given the ‘always on’ nature of the transactional space. According to ACI, instant payments can also have a beneficial impact when it comes to fraud prevention. Specifically, the company released a report in partnership with GlobalData showcasing APP scams as the top payment fraud threat in 2022, followed by card fraud and identity theft.

The report details that developed real-time payment markets are experiencing an epidemic of APP scams, yet real-time payments can be the most secure payment method, and banks and financial institutions can stay ahead of fraudsters and benefit from real-time payments by collaborating and leveraging the power of data science and AI. For more information about ACI Worldwide, please check out their detailed profile in our dedicated, industry-specific Company Database. .