UP Framework addresses all payment processing steps for any parent type, channel, currency or network, and will allow TransferWise toads more payment types to the network.
ACI’s Daren Wedge explains why TransferWise chose his company.
“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.”
Founded by Taavet Hinrikus and Kristo Käärmann in 2011, TransferWise has raised $91 million from Andreessen Horowitz, Sir Richard Branson, Peter Thiel and Max Levchin.
Based on peer-to-peer technology, it uses the midmarket rate to save people as much as 90 percent when transferring money. More than £500 million is transferred on the platform every month, with savings estimated at £22 million.