ACI Worldwide Payments Company Supports Ripple’s Real-time Transaction System
The Universal Payments Company—ACI Worldwide—is rumored to be supporting the real-time payment system from Ripple. It is essential to note that ACI Worldwide currently powers the electronic payments for more than five thousand, one hundred organizations spread out across the globe.
ACI Worldwide on its platform has indicated that its platform is currently being used by more than one thousand of the biggest financial and intermediaries institutions in the world. This is in addition to the thousands of global merchants who rely on the platform to execute transactions and securities totaling more than fourteen trillion dollars on a daily basis.
In a bid to inform the public about its operations, the company indicated that it facilitates close to nine percent of the world SWIFT traffic. In addition to this, it also supports close to thirty percent of all the SWIFT traffic occurring in the United States.
It went on to add that it provides exemplary amenities to financial institutions that are eyeing to take advantage of the GPI (global payment initiative) delivered by SWIFT. When talking about Ripple, ACI went on to state that it helps in maintaining real-time payment systems in use across the globe.
It further stated that banks can set up Real-time Payment Systems that can work together with SWIFT, gpi, FIN, immediate, wire, and Distributed ledger technology, e.g., Ripple payments by leveraging the ACI platform. Ripple has recently managed to win-over big banks and firms.
By launching xRapid and a host of other tools, it is a clear indication that Ripple is growing at a steady rate. Its rapid expansion has also led to the disruption of cross-border industry payments in a manner that could not have been foreseen by industry insiders. Big banks have now started to install the tools being provided by Ripple.
The main reason for doing this is to reduce the costs associated with completing each transaction. It is also meant to enhance the rate at which all outflows are delivered to the intended recipients.
The Co-Existence of Two Giants: Ripple (XRP) and ACI
ACI and Ripple happen to have an unsung relationship in the blockchain infrastructure. A closer look at this relationship indicates that SWIFT and ACI Worldwide are partners who depend on each other’s platform to facilitate seamless payments from one location to another across the globe.
Is there a Looming Partnership Between SWIFT and Ripple?
The rumor mill in the financial industry indicates that SWIFT and Ripple were set to announce a partnership, but these plans were shelved in the course of the SIBOS Symposium. The rumors started to die down when the two companies failed to announce any partnership or collaboration plans.
However, SWIFT did make an announcement pointing out that its clientele base was not prepared for the release and distribution of the Distributed Ledger Technology being developed by Ripple. According to SWIFT, the benefits that come with using the DLT are indeed promising, but its real-world use cases are still far off.