News by Anshika Arya, Editor, IPC as on 2nd July 2024
In an unprecedented surge of digital transactions, ACI Worldwide and STET have hit a new milestone, processing over 50 million instant cross-border payments in the last year alone. This remarkable achievement underscores the growing dominance of instant payments in the European financial landscape. STET’s CSM platform, in collaboration with ACI’s cutting-edge technology, has become a cornerstone for interoperability among major European instant payment schemes. The synergy between these two giants has facilitated a seamless, end-to-end solution for the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme, propelling the transfer and settlement of instant payments to new heights.
The record-breaking number of transactions processed by STET, which exceeded 35 billion in 2023, is a testament to the daily average of more than €25 billion flowing through the system. With expectations set to surpass a 50% increase in 2024, the trajectory for instant payments is nothing short of stellar. Since 2017, STET and ACI Worldwide have been at the forefront of innovation, providing banks and payment service providers across Europe with a robust infrastructure for instant payments. STET’s platform, powered by ACI Low Value Real-Time Payments as a SaaS service, offers sophisticated routing and processing capabilities, allowing its 20 member banks to connect directly to European schemes TIPS and RT1.
The rapid growth of instant payment transactions across SEPA, including the 27 European Union (EU) member states, is fueled by the new EU Instant Payments Regulation passed in February 2024. The ACI’s 2024 Prime Time for Real-Time report projects a surge in transactions from 17.2 billion in 2023 to 38.6 billion in 2028, with instant payments poised to represent 13% of all electronic payments in Europe. Regis Folbaum, CEO of STET, celebrates the partnership with ACI Worldwide, emphasizing the platform’s ability to process instant payments securely and at scale. Nick Craig, head of Europe at ACI Worldwide, highlights ACI’s unique position in providing interoperability and connectivity to European and global schemes.
ACI Worldwide’s global influence extends to 26 domestic and pan-regional real-time schemes across six continents, serving approximately 3 billion people. As a Systemically Important Payment System (SIPS), STET remains committed to the highest standards of security, rigor, and transparency, supporting all payment challenges with its comprehensive service offering. This collaboration between ACI Worldwide and STET is not just a record-breaking feat but a significant step towards a unified European payments system, ensuring instant, secure, and efficient transactions for millions across the continent.
Dive into the heart of instant payments evolution with the Balkans Instant Payments Round Table. As a dynamic regional forum, we're gathering the industry's brightest minds, financial experts, and technology pioneers to drive the transformation of payments in the Balkans region. Join this intimate and engaging discussion that delves into the intricacies of instant payments. This round table brings together key stakeholders from across southeastern Europe including Albania, Croatia, Greece, Serbia, Slovenia and more to explore challenges, share best practices, and foster collaboration that propels the adoption of instant payment solutions.
Unveil the untapped potential of instant payments in the Baltics. From financial institutions to cutting-edge fintech disruptors, this round table convenes a diverse array of stakeholders to uncover opportunities, streamline processes, and enhance the financial fabric of the Baltic region. Join us for an illuminating dialogue that transcends borders and explores the nuances of instant payments. The Baltics Instant Payments Members Round Table Meeting is your platform to share insights, exchange ideas, and collaborate with fellow industry experts from Northern Europe including Estonia, Latvia, Lithuania in a vibrant atmosphere conducive to innovation and growth. 
Step into the forefront of the instant payments revolution with the Central Europe Instant Payments Round Table. As a premier regional platform, we're assembling the sector's leading thinkers, eminent financial professionals, and innovative tech trailblazers to catalyze the metamorphosis of payments in Central Europe. Engage in a deep and insightful conversation that navigates the complexities of instant payments. This round table amalgamates pivotal stakeholders from across Central Europe, encompassing countries like Poland, Czech Republic, Slovakia, Hungary, and more, aiming to dissect challenges, disseminate best practices, and cultivate a synergy that accelerates the embrace of immediate payment methods.
Embark on a journey into the epicenter of instant payments progression with the Benelux Instant Payments Round Table. As a distinguished regional convocation, we are rallying the industry’s foremost intellects, esteemed financial leaders, and avant-garde tech innovators to spearhead the renaissance of payments within the Benelux domain. Immerse yourself in a profound and constructive discourse that ventures deep into the subtleties of instantaneous transactions. This round table melds pivotal figures from Belgium, the Netherlands, and Luxembourg, endeavoring to untangle challenges, promulgate top-tier methodologies, and nurture alliances that advance the adoption of real-time payment frameworks.
Delve into the nexus of instant payments transformation with the Iberia Instant Payments Round Table. As a distinguished regional assembly, we're mobilizing the sector's top strategists, revered financial authorities, and trailblazing tech visionaries to pioneer the next era of payments in the Iberian peninsula. Engage in enriching dialogues that dissect the fine details of immediate transactions. This round table assembles vital influencers from Spain and Portugal, striving to address challenges, propagate effective strategies, and foster partnerships that bolster the swift adoption of instant payment mechanisms.
Embark on a transformative odyssey with the Nordics Instant Payments Round Table. As a paramount regional confluence, we're aggregating visionary thinkers, influential financial figures, and edgy tech disruptors to recalibrate the payment landscape of the Nordic region. Plunge into captivating discussions that spotlight the intricacies of on-the-spot transactions. Converging stakeholders from Sweden, Norway, Denmark, Finland, and Iceland, this round table sets the stage to confront challenges, share pioneering insights, and craft collaborations that elevate the trajectory of instant payment modalities.
Venture into the vanguard of instant payments advancements with the UK & Ireland Instant Payments Round Table. As an elite regional gathering, we're bringing together the brightest luminaries, financial stalwarts, and pioneering tech minds to shape the future of payments in the British Isles. Dive into in-depth discussions that tackle the nuances of real-time payments. Drawing participants from across the United Kingdom and Ireland, this round table aims to navigate challenges, exchange unparalleled insights, and stimulate collaborations that amplify the momentum of instant payment innovations.
Explore the cutting edge of payment evolution at the DACH Instant Payments Round Table. As a premier regional symposium, we're rallying industry vanguards, esteemed financial luminaries, and groundbreaking tech architects to champion the modernization of payments across Germany, Austria, and Switzerland. Engage in insightful exchanges that delve deep into the world of instant payments. With representation from the heart of Central Europe, this round table endeavors to discern challenges, spread exemplary practices, and weave connections that supercharge the uptake of instantaneous payment systems.