ACI Worldwide and FinTech Mexipay Enhance Mexico’s instant Payments Ecosystem
ACI Worldwide and Mexipay have expanded their partnership to advance Mexico’s real-time payments ecosystem.
Consequently, this collaboration aims to boost the adoption of instant payments and support economic growth and financial inclusion for Mexican businesses and consumers.
Mexipay will now implement ACI’s Digital Central Infrastructure, part of the ACI Enterprise Payments Platform, to enhance instant payment services. Built on the global ISO 20022 standard, the platform will incorporate features such as Request to Pay and Alias management, thus opening up new payment opportunities and revenue streams.
ACI’s Prime Time for Real-Time report shows Mexico processed 3.8 billion real-time payments in 2023, ranking 10th globally. Despite this, it remains one of the slower-growing real-time payments markets in Latin America, with a projected CAGR of 7.8% from 2023 to 2028.
Alberto Olivares, head of Latin America at ACI Worldwide, expressed his enthusiasm about the extended partnership: “We are thrilled to work with Mexipay to enhance real-time payments in Mexico. Latin America represents a significant growth area for us; thus, collaborating with FinTechs and new market entrants is essential for advancing real-time payment systems. Mexico has the potential to leverage its real-time infrastructure effectively to drive economic growth and financial inclusion.”
Additionally, Fabian Uribe, co-founder and CEO of Mexipay, stated: “Teaming up with ACI Worldwide, a global leader in real-time payments technology, represents a pivotal moment for us. This collaboration will boost Mexipay’s technological capabilities and market presence, facilitating the advancement of real-time payments across Latin America for government, public, and private sectors.”
ACI Worldwide currently supports 26 domestic and pan-regional real-time schemes across six continents, including 10 central infrastructures. Consequently, the company provides solutions to central banks, participant banks, FinTechs, and other payment service providers.