Electronic payments provider ACI Worldwide has launched an upgrade of its consumer payments platform that handles transactions in real time.

The platform, UP BASE24-eps, now facilitates faster payments between consumers and financial institutions, retailers and billers, according to a March 12 press release.

The financial services industry expects real-time payments to become widely available within the next five years, according to ACI's October 2013 survey. Potential benefits to the service include lower payment processing costs and increased customer loyalty, according to the release.

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