Latest news with #Target2
Yahoo
28-05-2025
- Business
- Yahoo
ACI Worldwide launches new centralised payments hub
ACI Worldwide has unveiled its cloud-native payments hub, ACI Connetic, which integrates several major UK, EU, and global payment networks' capabilities. These capabilities include Swift cross-border payments and real-time gross settlement (RTGS) systems such as Target2, SEPA Instant RT1, and TIPS payments. The move is aimed at streamlining the payment processes for banks and financial institutions by offering a platform that combines account-to-account, card payments, and AI-powered fraud prevention. The company stated that further enhancements to the platform's capabilities are planned. ACI Connetic looks to meet the needs of modern banking, enabling financial institutions of various sizes to adopt a centralised approach to managing all types of payments. The platform is engineered to provide financial institutions with 'scalability' and 'resilience', and the ability to introduce new services to their customers. It features cloud-native architecture, a modular design and open APIs that simplify the integration process with existing systems, reducing the time required to deploy. To facilitate this integration, ACI is collaborating with various global clearing and settlement systems, including the Bank of England, ECB, EBA Clearing, and Stet, as well as Swift, the Federal Reserve, and The Clearing House. The aim is to provide banks around the world with access to a broad range of payment methods through ACI Connetic. ACI Worldwide CEO and president Thomas Warsop said: 'ACI Connetic is not just a new product, it is a new standard for how banks must operate in the digital economy and approach payments transformation. 'Against the backdrop of increasing payments complexity, the rise of new technologies and a shifting regulatory environment, ACI Connetic empowers financial institutions to unlock new revenue opportunities and navigate compliance in order to drive growth and financial inclusion.' ACI Worldwide disclosed a net income of $58.9m for the first quarter of 2025, swinging back to profit from a $7.8m loss reported in the same quarter last year. "ACI Worldwide launches new centralised payments hub " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
27-05-2025
- Business
- Business Wire
ACI Worldwide Redefines Payments with ACI Connetic
OMAHA, Neb. & LONDON--(BUSINESS WIRE)-- ACI Worldwide (NASDAQ:ACIW), an original innovator in global payments technology, has announced the integration of the major UK, EU and global networks' payment capabilities into ACI Connetic, ACI's transformative, cloud-native payments hub. These include Swift cross-border payments, RTGS payments including Target2, SEPA Instant RT1 and TIPS payments, with the addition of more capabilities planned. For the first time in the industry, ACI Connetic brings together account-to-account (A2A), card payments and AI-driven fraud prevention on a unified cloud-native platform – making it simpler, faster and more cost-effective for banks and financial institutions (FI) to modernize their payments infrastructures. Datos Insights recently called on banks to centralize payments and move forward with urgency to remain competitive in an increasingly complex payments world. The Datos report emphasizes the benefits of centralizing payment processing, arguing that it enables banks to streamline payment operations, reduce complexity, enhance efficiency and ultimately drive business growth. Designed to meet the demands of modern banking, ACI Connetic enables FIs of all sizes to consolidate siloed systems and embrace a centralized approach to processing all payment types. It offers FIs unequalled scalability and resilience while minimizing risk and enabling them to deliver new services to customers much faster. 'ACI Connetic is not just a new product, it is a new standard for how banks must operate in the digital economy and approach payments transformation,' said Thomas Warsop, President and CEO of ACI Worldwide. 'Against the backdrop of increasing payments complexity, the rise of new technologies and a shifting regulatory environment, ACI Connetic empowers financial institutions to unlock new revenue opportunities and navigate compliance in order to drive growth and financial inclusion.' ACI Connetic is fast gaining traction with financial institutions in Europe and the United States. The platform's cloud-native architecture, modular design and open APIs simplify integration with existing systems, speeding up deployment and time to value. Designed for financial institutions of any size, it is particularly suited for banks looking to modernize quickly and cost-effectively without sacrificing enterprise-grade capabilities. ACI is collaborating with the world's leading clearing and settlement systems—including the Bank of England, ECB, EBA Clearing, and Stet, as well as Swift, the Federal Reserve and The Clearing House—to integrate their payments capabilities to offer banks across the globe the most prolific payment methods as part of ACI Connetic. 'We built ACI Connetic to give banks a future-proof foundation to meet the ever-increasing demand for faster, smarter and secure payments,' said Scotty Perkins, head of product for banking and intermediaries at ACI Worldwide. 'Built for scalability, intelligence and resilience, ACI Connetic empowers banks to reduce complexity, accelerate product innovation and deliver new solutions to their customers in an unprecedented way and at unprecedented speed.' ACI will be showcasing Connetic at EBAday 2025, Europe's annual summit for the leading payments and transaction banking executives. About ACI Worldwide ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities. © Copyright ACI Worldwide, Inc. 2025 ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay, and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries, or both. Other parties' trademarks referenced are the property of their respective owners.
Zawya
10-03-2025
- Business
- Zawya
EU lawmakers voice doubts about digital euro after ECB outage
European lawmakers are voicing fresh doubt about the European Central Bank's digital euro project after an outage in the ECB's existing payment system caused delays for thousands of households and traders. The breakdown in the Target 2 (T2) payment system late last month meant banks could not settle transactions with each other for the better part of a day, partly due to an initial, wrong diagnosis of the issue by central bank technicians. Representatives from four of the eight groups that make up the European Parliament said the incident raised some questions about the ECB's ability to deliver on its digital euro project, a new payment system open to all euro zone residents. "This instance is a blow to the ECB's credibility," said Markus Ferber of the European People's Party, the largest group in the current parliament. "People will ask legitimate questions how the ECB will be able to run a digital euro when they cannot even keep their day-to-day operations running smoothly." An ECB official said a digital euro would be more similar to its instant payment system TIPS, which is also 24/7 and handles millions of small payments every day, than to T2, which settles fewer but bigger transactions, and the former has been extremely reliable. Indeed TIPS only suffered minor delays on the day of the outage. But resistance from lawmakers may still prove a hurdle for the ECB, which needs them to pass legislation laying the ground for the digital euro. The European Commission proposed digital euro legislation in June 2023 but not much has happened since amid scepticism from some lawmakers and bankers. Rasmus Andresen, a Green politician who like Ferber sits on the parliamentary committee that oversees the ECB, said the central bank had to restore citizens' trust or the digital euro may be "at risk of failure". Jussi Saramo, of The Left, still backs the launch of a digital euro but stressed "the need for the ECB to improve its own systems". Their colleague Johan Van Overtveldt, from the eurosceptic European Conservatives and Reformists Group, said "the ECB should prove that it can maintain uninterrupted and secure financial infrastructure" before moving on with the digital euro. This would essentially be an electronic wallet guaranteed by the central bank, which would also provide the infrastructure. It would be distributed by companies such as banks or wallet providers. The ECB has pitched it in part as a response to U.S. President Donald Trump's push to promote stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar and increasingly used as a form of digital payment. But bankers have mostly been sceptical, fearing that it would empty their coffers as customers transfer some of their cash to the safety of an ECB-guaranteed wallet. The ECB hopes legislation will be in place by the autumn so it can vote to officially launch the project.
Reuters
10-03-2025
- Business
- Reuters
EU lawmakers voice doubts about digital euro after ECB outage
FRANKFURT, March 10 (Reuters) - European lawmakers are voicing fresh doubt about the European Central Bank's digital euro project after an outage in the ECB's existing payment system caused delays for thousands of households and traders. The breakdown in the Target 2 (T2) payment system late last month meant banks could not settle transactions with each other for the better part of a day, partly due to an initial, wrong diagnosis of the issue by central bank technicians. Representatives from four of the eight groups that make up the European Parliament said the incident raised some questions about the ECB's ability to deliver on its digital euro project, a new payment system open to all euro zone residents. "This instance is a blow to the ECB's credibility," said Markus Ferber of the European People's Party, the largest group in the current parliament. "People will ask legitimate questions how the ECB will be able to run a digital euro when they cannot even keep their day-to-day operations running smoothly." An ECB official said a digital euro would be more similar to its instant payment system TIPS, which is also 24/7 and handles millions of small payments every day, than to T2, which settles fewer but bigger transactions, and the former has been extremely reliable. Indeed TIPS only suffered minor delays on the day of the outage. But resistance from lawmakers may still prove a hurdle for the ECB, which needs them to pass legislation laying the ground for the digital euro. The European Commission proposed digital euro legislation in June 2023 but not much has happened since amid scepticism from some lawmakers and bankers. Rasmus Andresen, a Green politician who like Ferber sits on the parliamentary committee that oversees the ECB, said the central bank had to restore citizens' trust or the digital euro may be "at risk of failure". Jussi Saramo, of The Left, still backs the launch of a digital euro but stressed "the need for the ECB to improve its own systems". Their colleague Johan Van Overtveldt, from the eurosceptic European Conservatives and Reformists Group, said "the ECB should prove that it can maintain uninterrupted and secure financial infrastructure" before moving on with the digital euro. This would essentially be an electronic wallet guaranteed by the central bank, which would also provide the infrastructure. It would be distributed by companies such as banks or wallet providers. The ECB has pitched it in part as a response to U.S. President Donald Trump's push to promote stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar and increasingly used as a form of digital payment. But bankers have mostly been sceptical, fearing that it would empty their coffers as customers transfer some of their cash to the safety of an ECB-guaranteed wallet. The ECB hopes legislation will be in place by the autumn so it can vote to officially launch the project.
Yahoo
01-03-2025
- Business
- Yahoo
ECB's multi-trillion payments breakdown sends shudders through Europe
By Tom Sims, Francesco Canepa and John O'Donnell FRANKFURT (Reuters) -Banks struggled to process payments on Friday after an unprecedented day-long breakdown in the European Central Bank's machine underpinning trillions of euros of money movements. The ECB said late on Thursday it had fixed the roughly seven-hour outage in its payment system, which had left transactions likely worth trillions of euros from firms, consumers and investors up in the air. But the breakdown, which has dealt a blow to the international standing of the central bank behind one of the globe's most important currencies, continued to reverberate on Friday. "The Eurosystem (of euro zone central banks) acknowledges that the outage had adverse consequences for market participants as well as for their clients," the ECB said in an update published late on Friday. The malfunction of the so-called Target 2 system (T2), used to settle more than 3 trillion euros ($3.12 trillion) of daily payments and financial trades, meant transactions between banks could not go through. Germany's central bank, the Bundesbank, said on Friday ordinary bank payments, such as wages, pensions and social welfare transfers, have been delayed and could take several hours longer than usual to arrive. Deutsche Boerse's Clearstream, which processes the trading of securities such as company stock, and handles around 500,000 transactions daily, also reported delays. Switzerland's SIX stock exchange said it had made up a delay in settlements on Thursday by extending the settlement day, and was able to start business as usual on Friday. The Swiss Bankers Association said it was unaware of any impact on the country's banks from the ECB outage. Banks, which depend on the ECB system to settle their euro accounts with one another, had been instructed to keep placing their payments in the queue until the issue was finally fixed. The incident lasted until early on Friday morning, delaying money sent in the night for about six hours, said a person familiar with the breakdown, and upsetting the system for what is likely to be a number of days. While it remained unclear whether the mishap would be felt by regular bank customers, it has raised a question mark over the transactions between lenders that underpin the very functioning of the euro zone's economy. The ECB ruled out "malicious (or) foul play" on Thursday, blaming instead a "hardware defect". On Friday, the central bank for the euro zone said it initially thought the problem had been in the system's database but later found out it was "actually due to an infrastructure component". "A thorough analysis of the incident has been initiated," the ECB said on Friday. "It will identify measures to allow an earlier identification of the root cause and to avoid reoccurrence in the future." Rebecca Christie of Brussels-based economic think tank Bruegel said the incident was a "wake-up call". "This is a wake-up call that all serious digital payment and currency systems need ... backups," she said. "Outages dent ... credibility." ($1 = 0.9614 euros) (Additional reporting by Frank Siebelt in Frankfurt and Oliver Hirt and Ariane Luthi in Zurich; Editing by Matthias Williams, Thomas Seythal, Gareth Jones, Philippa Fletcher and Susan Fenton) Sign in to access your portfolio
