Instant Payments Council

ACI Worldwide and STET Shatter Records with 50 Million Instant XBPs

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.

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