ACI Worldwide will provide the payments framework to allow international money transfer provider TransferWise to add more services to its network.
London-based TransferWise, which offers international money transfers based on a peer-to-peer model, will use ACI's Universal Payments Framework to help it more quickly reach scale and have the flexibility to expand its payment processing for any payment type, channel, currency or network.
“Financial service providers, both old and new, are in a race to capture new market share and stay ahead of increasing cross-border competition,” Daren Wedge, head of consumer banking in Europe for ACI Worldwide, said in in a press release.
Organizations in the cross-border money transfer space want to purchase end-to-end and scalable solutions from a single, established vendor, Wedge said. "Which is why they’re turning to ACI," he added.
The partnership also gives TransferWise access to the UK Faster Payments network, of which 60% of participants are using ACI's faster payments solutions, ACI stated in the release.
TransferWise launched in 2011 and has raised $91 million in funding from investors Andreessen Horowitz, Sir Richard Branson, Peter Thiel and Max Levchin, the co-founders of PayPal. The company opened a New York office earlier this year.
ACI Worldwide provides technology for electronic payments and banking services for more than 5,600 financial institutions, retailers, billers and processors globally.