ACI Worldwide and the Internal Revenue Service to Offer New Tax Payment Options for Taxpayers—Including Unbanked and Underbanked Populations—with ACI Payments, Inc.

Rhea-AI Summary

ACI Worldwide (NASDAQ: ACIW) announces IRS approval for cash transactions via a new digital barcode feature through ACI Payments, Inc. Taxpayers, once validated, can acquire a barcode to pay taxes at over 60,000 retail locations, enhancing payment accessibility for unbanked populations. This initiative addresses financial challenges from the pandemic and facilitates simpler tax payments for consumers. ACI has securely processed over $25 billion in IRS payments over 20 years, reaffirming its long-standing partnership with the IRS.

Positive

• IRS approval expands payment options for taxpayers via digital barcode feature.
• Over 60,000 retail locations participate, increasing accessibility for cash payments.
• ACI has processed over $25 billion in IRS tax payments securely over 20 years.

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• None.

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions, today announced that the Internal Revenue Service (IRS) will allow taxpayers to make cash transactions through a new digital barcode feature using ACI Payments, Inc.*

Once taxpayers are validated by the IRS, they can obtain a barcode – made possible through ACI and InComm Payments’ VanillaDirect Pay. Taxpayers can then take the barcode payment token to over 60,000 participating retail agents (including Dollar General and Family Dollar stores) with the appropriate amount of cash to cover their tax debt and any associated service fees. Together with the IRS, ACI is the first organization to provide this type of cash payment option for taxpayers in the U.S.

While the pandemic has caused financial difficulty for many consumers, the lack of cash payment options due to the closure of some physical locations and merchants’ push for digital payments puts the unbanked and underbanked populations at a further disadvantage. With ACI Payments, Inc. the IRS not only increases the payment options available to all taxpayers but makes it easier for these consumers to pay their taxes in a way that works best for them.

A recent ACI Speedpay Pulse study showed that more than a third of consumers will take at least six months to catch up on missed bill payments due to COVID-19, and 1 in 10 consumers reported having past-due monthly bills as a direct result of their financial situation during the pandemic.

“As consumers contend with making payments amid the financial strain caused by the pandemic, offering more and convenient payment options will help taxpayers complete their payments,” said Sanjay Gupta, executive vice president, ACI Worldwide. “ACI is committed to providing a wide array of cost-effective payment methods and channels to help the IRS make payments easier for taxpayers.”

ACI is the longest-tenured service provider for the IRS and has processed more than $25 billion in IRS tax payments securely for more than 20 consecutive years.

*ACI Payments, Inc. (formerly Official Payments), is an ACI Worldwide company.

About ACI Worldwide

ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2021

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.

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FAQ

What new feature has ACI Worldwide introduced for taxpayers?

ACI Worldwide has introduced a digital barcode feature for cash transactions, approved by the IRS.

How does the new ACI payment feature help unbanked consumers?

The feature allows unbanked consumers to pay taxes at over 60,000 retail locations using cash, improving accessibility.

How long has ACI Worldwide been processing IRS payments?

ACI Worldwide has been processing IRS payments securely for more than 20 consecutive years.

What percentage of consumers are struggling to catch up on bills due to COVID-19?

According to ACI's study, more than a third of consumers will take at least six months to catch up on missed bill payments.