ACI Worldwide, the global leader in mission-critical, real-time payments software, applauded the progress of the FedNow Pilot Program, the new U.S. real-time payments system, and announced the company’s expanded leadership involvement in testing before the planned industry launch in 2023. In its leading role in the FedNow pilot’s advisory phase since 2021, ACI has helped the progress toward critical milestones through testing and design activities of the FedNow instant payments network.
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ACI has contributed to the technical and operational tasks that will lay the groundwork for full-scale, end-to-end testing of FedNow later this year, including onboarding and participant certification. ACI helped successfully connect and deliver test messages over a pilot version of the FedNow service within the FedNow testing environment. ACI also participated in the initial advisory phase of the FedNow pilot program by providing input and feedback on message flows, data content and value-added services such as request for pay.
“Our collaboration with the Federal Reserve has helped drive FedNow’s readiness for the launch phase. We are excited to be a part of the progress and continue to support the FedNow Pilot Program, bringing our expertise from building real-time payment schemes for central governments and banking networks worldwide. We are ready to support our customers on their FedNow journey when it launches in 2023,” said Craig Ramsey, head of real-time payments, ACI Worldwide.
ACI’s Prime Time for Real-Time 2022 report, launched last week, found real-time payments account for 0.9% of total payments volume in the U.S in 2021. In contrast, by 2026, real-time payments are forecast to account for 25.6% of total global electronic payments, up from 13.8% of total global electronic payments in 2021. Emerging economies led by India, China, Thailand, Brazil and South Korea are outpacing developed nations in real-time growth and the associated economic benefits. Leading developed countries, including the U.S., Canada, U.K., France and Germany, lag on the real-time transaction uptick and are losing out on economic growth.
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“Although 0.9% of total payments volume in the U.S. may appear low, in the context of the number of electronic payments happening in the U.S. every year, it’s a sizeable volume of real-time payments. With the launch of FedNow, we expect to see that volume quadruple over the next five years,” Ramsey concluded.
The Prime Time for Real-Time 2022 report tracks real-time transaction volume in 53 countries and, for the first time, the report includes a comprehensive view of the economic benefits of real-time payments for consumers, businesses and the broader economy across 30 of the world’s largest economies including the U.S. and other industrialized and developing nations.
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