ACI Worldwide has forged an alliance with Solutions by Text to enable organisations to receive payments through text.

Under the alliance, Solutions by Text’s software will be integrated with ACI Worldwide’s UP Bill Payments. Furthermore, this will offer companies the option of pay-by-text.

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The companies expect this new payment method to increase on-time payments and slash collection costs.

The partners aim to market this integrated platform to organisations in the consumer finance, healthcare, higher education, government and also insurance industries.

Solutions by Text founder and CEO Danny Cantrell said: “Text messages have up to a 98% open rate and text billing reminders have an overwhelmingly positive customer response, which can’t be said about paper billing statements.

“As smartphone use continues to advance, offering customers the option to pay-by-text is quickly becoming a necessity as it improves the payment experience through payment reminders and mobile-enabled payment systems.”

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ACI Worldwide business leader biller solutions Andrew Sajeski said: “To increase consumers’ ability to pay their bills on time in a more convenient way, we are integrating our solution with Solutions by Text to provide a pay-by-text option to consumers, which will drive on-time payments and improve collections.”

Recently, ACI Worldwide agreed to buy Speedpay, the US bill pay business of Western Union, in a deal valued at $750m.

ACI Worldwide said that it works with more than 3,600 companies.