In an exciting collaboration, ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical real-time payment software, has partnered with the fintech company Mexipay to drive innovation in payments in Mexico. Mexipay, a prominent fintech entity in the Mexican ecosystem, will use ACI’s enterprise payment platform to introduce ISO 20022 real-time payments and other innovative payment services in Mexico.
Mexico has stood out as one of the pioneers in adopting real-time payments, thanks to its Electronic Interbank Payment System, which was implemented in 2004. Over the years, the growth of real-time payments has gained momentum, with adoption by approximately one in five banked citizens, despite the high proportion of the unbanked population in the country.
According to ACI’s Prime Time for Real-Time 2023 report, Mexico recorded an average of 3.9 real-time monthly transactions per person in 2022, ranking third in the Latin American region and twenty-seventh globally. It is projected that the volume of instant payments in Mexico will experience a compound annual growth rate of 13.1% (representing 35% of all electronic payments) from 2022 to 2027.
Mexipay’s new real-time payment technology, expected to be operational in early 2024, will accelerate financial inclusion for a broader portion of the unbanked population in Mexico. By leveraging ISO 20022 real-time payments, Mexipay will complement the country’s existing real-time capabilities with innovative payment services and unbeatable time-to-market.
Fabián Uribe, Co-founder and CEO of Mexipay expressed his excitement about this partnership, stating:
“We are very excited to be ACI Worldwide’s partner in Mexico for real-time payments, as our partnership will enable us to drive ISO 20022 technology adoption in the country by facilitating modernization, innovation, and time-to-market for ecosystem participants. With ACI’s enterprise payment platform, we will leverage our competitive advantage in the market and address the immense need for financial inclusion and the evolution of legacy technology in Mexican payments. With this partnership, Mexipay will be able to provide access to underserved small and medium-sized banks and the commercial industry through the implementation and operation of our platform built around ACI’s solutions, delivering managed services to the market, something that was not possible before in Mexico. That means a whole new set of opportunities.”
ACI’s Enterprise Payment Platform is a comprehensive payment solution that will provide Mexipay with payment orchestration through ACI’s low-value real-time payment solution. The ACI Enterprise Payment Platform can be deployed both on-premises and in the cloud, allowing banks to prepare their payment infrastructure for the future and intelligently orchestrate all types of payments between consumers, merchants, and corporate payments. Additionally, this platform can be extended with other solutions offered by ACI, including ACI High-Value Payments, ACI Issuing, ACI Acquiring, ATMs, self-service banking, and ACI’s AI-driven fraud management.
Leonardo Escobar, Senior Vice President – LATAM Director at ACI Worldwide, expressed his enthusiasm for this partnership, stating:
“We are excited to announce this partnership and support Mexipay in ensuring the success of Mexico’s real-time payment strategy. Mexico has a huge and unique opportunity to be one of the largest real-time schemes in the region. We encourage this initiative to disrupt the ecosystem and enable world-class real-time payment services.”
Mexipay is a next-generation payment service provider specializing in implementing and managing ACI Worldwide solutions, focusing on driving ISO 20022 real-time payments, promoting financial inclusion, and the evolution of legacy technology.
ACI Worldwide, on the other hand, is a global leader in mission-critical real-time payment software, providing secure and scalable solutions that enable leading corporations, fintech, and financial disruptors to process and manage digital payments, drive omnichannel payments, present and process bill payments, and address fraud and risk.