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TransferWise Teams up with ACI Worldwide to Power Global Expansion

December 10, 2024         By: Melanie Macinas

International money transfer platform TransferWise has leveraged ACI Worldwide’s Universal Payments (UP) Framework to power its global network as it continues its rapid expansion.

The partnership with ACI positions TransferWise for growth as the UP Framework offers the flexibility and scalability needed to provide additional payment types.

ACI’s UP Framework will allow TransferWise to quickly integrate more payment options to its network.

One of the most successful fintech start-ups in the UK, TransferWise provides international money transfers at lower prices than traditional banks.

The peer-to-peer service provider does this by matching up payments with those going in the opposite direction to reduce the money crossing borders and ultimately benefit customers.

Daren Wedge, Head of Consumer Banking, Europe, ACI Worldwide, commented, “Financial service providers, both old and new, are in a race to capture new market share and stay ahead of increasing cross-border competition. Moreover, these organizations want to purchase end-to-end highly available and scalable solutions from a single, established vendor, which is why they’re turning to ACI. Leveraging ACI’s UP Framework will allow TransferWise to quickly support new value propositions and future access to a variety of channels, payment types and networks, including the UK Faster Payments network.”

ACI Worldwide has made a name in the industry with its Faster Payments solutions, which are used by 60 percent of direct participants of the UK Faster Payments scheme.

The central infrastructure of UK Faster Payments also uses ACI’s UP Framework for Immediate Payments.

The electronic payment and banking solutions provider also actively participates in other industry initiatives to boost real-time payments and global payments interoperability.