ACI Worldwide Helps National Banks Connect with UAE's Real-Time Payments Scheme

ACI Worldwide, a leading global provider of real-time digital payment software, today announced that it is working closely with national banks to help connect to the United Arab Emirates' real-time payments scheme set to launch in October 2022.

The UAE Instant Payments Platform (IPP) will enable instant transfers between bank accounts 24/7/365, with participation mandatory for all financial institutions in the country. The scheme will provide core payments and overlay services such as Request to Pay, built on top of the new instant payment rails. The UAE Central Bank expects to announce the technical details that will underpin the new scheme in the coming days.

The UAE Central Bank has been actively promoting the modernization of the country's payments infrastructure for several years; it now hopes to accelerate this process by implementing a domestic real-time payments scheme. IPP is part of the country's National Payments Systems Strategy and aims to provide best-in-class payments services, promote financial inclusion, and increase financial stability in the UAE.

"The announcement to build a domestic real-time payments scheme mandatory for all financial institutions is testament to the vision and ambition of the UAE Central Bank. It signifies the nation's commitment to continue to elevate the country's global recognition as a leading economic and financial hub,"said Craig Ramsey, global head of real-time payments, ACI Worldwide.

"ACI already has a large footprint in the UAE and is supporting some of the largest banks in modernizing their payments infrastructure. As the global leader in real-time payments, we know first-hand that real-time payments drive economic growth and promote financial inclusion. We are excited to be shaping the future of real-time with our stakeholders in the UAE this year."

As in many other countries in the region and worldwide, COVID-19 has accelerated the transition from cash to digital payment methods in the UAE, with surging eCommerce volumes a pivotal contributor to this swing.