Business
ACI Worldwide and STET: European Instant Cross-Border Transactions Reach New Record High
50 million instant cross-border payments were processed by STET and ACI Worldwide in the last 12 months STET’s CSM platform leverages ACI technology to offer
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\n\n50 million instant cross-border payments were processed by STET and ACI Worldwide in the last 12 months\n\n\n\nSTET’s CSM platform leverages ACI technology to offer interoperability with the other major European instant payment schemes\n\n\n\n OMAHA, Neb. & PARIS--(BUSINESS WIRE)--\nInstant cross-border payments processed by STET, one of the leading European clearing and settlement systems, (CSM), and ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, have reached a new record high. STET, which processed more than 35 billion transactions in 2023, representing a daily average of more than €25 billion, processed more than 50 million cross-border real-time transactions over the last 12 months, a number that is expected to increase by more than 50% in 2024.\n\n\nSTET and ACI Worldwide have been working together since 2017, offering banks and payment service providers (PSP) across Europe a seamless, end-to-end solution for the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme, thus facilitating the transfer and settlement of instant payments and contributing to making instant payments a strong foundation towards a unified European payments system. STET’s platform uses ACI Low Value Real-Time Payments as a SaaS service, offering sophisticated routing and processing capabilities to enable its 20 member banks to connect directly to the European schemes TIPS and RT1, providing full pan-European reachability and interoperability for instant payments.\n\n\nInstant payment transactions across SEPA, including the 27 European Union (EU) member states, are expected to grow rapidly, driven by the new EU Instant Payments Regulation passed in February 2024. According to ACI’s 2024 Prime Time for Real-Time report, transactions across Europe are expected to rise from 17.2 billion in 2023 to 38.6 billion in 2028. By 2028, instant payments are forecast to account for 13% of all electronic payments in Europe, up from 8% in 2023.\n\n\n“Our partnership with ACI Worldwide has gone from strength to strength, and we are proud to have reached this milestone. By leveraging ACI’s state-of-the-art technology, banks and PSPs across Europe can connect to STET’s Instant Payments CSM quickly and cost-effectively, giving broad European reachability,” said Regis Folbaum, CEO, STET. “Our platfo...