ACI Worldwide to Drive Payments Modernization for South Africa’s Nedbank
ACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software, today announced a partnership with one of South Africa’s leading financial services providers, Nedbank, to drive its digital transformation journey including real-time payments.
Nedbank is embarking on a wide-ranging modernization program, migrating all of its legacy systems to ACI’s award-winning ACI Enterprise Payments Platform, including the move to ISO20022, the global financial messaging standard.
Nedbank offers wholesale and retail banking services as well as insurance, asset management and wealth management. Its primary market is South Africa, and it also operates, through subsidiaries and banks, in Eswatini, Lesotho, Malawi, Mozambique, Namibia and Zimbabwe.
The ACI Enterprise Payments Platform is an end-to-end payments hub solution for retail and wholesale payments and encompasses all the capabilities of ACI Issuing, ACI High-Value Real-Time Payments, ACI Low-Value Real-Time Payments, ACI Acquiring and ACI Fraud Management. The solution enables banks to future-proof their payments foundation and meet new customer demands for all payment types across consumer, merchant, and corporate payments.
“We are excited about the modernization journey we have embarked on jointly with ACI,” said Marijke Guest, group technology divisional executive, enterprise payments, Nedbank. “Migrating our legacy systems to the ACI Enterprise Payments Platform will allow us to offer new payment methods with a quick time to market, reduce TCO, increase the speed of innovation, and ultimately prepare our business to successfully compete in the future.”
As part of the migration, Nedbank will utilize ACI Low-Value Real-Time Payments, enabling the bank to offer real-time mobile payments to its customers. ACI Low Value Real-Time Payments is a highly scalable, end-to-end real-time payments solution. It enables banks and processors to connect to all global real-time schemes, deliver value-added services to their customers and respond to the rapidly growing demand for real-time digital banking.
“With the increasing demand for digital and real-time banking services, the need for a solid payment infrastructure has never been greater, and this is why more financial institutions are turning to ACI,” said Brett Stevens, sales director, ACI Worldwide. “ACI Enterprise Payments Platform helps financial institutions around the world like Nedbank to meet the complex challenges of payments modernization.”
To successfully protect customers against rising levels of fraud attacks, Nedbank will also deploy ACI Fraud Management, ACI’s award-winning enterprise fraud management and prevention solution. The solution offers advanced machine learning as well as behavioral biometrics capabilities, predictive analytics, and expertly defined rules, to help banks identify and mitigate financial crime.
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