Capitec Bank Poised to Expand its Payments Business Through ACI Worldwide’s Retail Payments Solution
ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, today announced an extension of its long-standing relationship with Capitec Bank, South Africa’s second largest retail bank. Capitec, a long-time ACI customer, now supports card and non-card payments acceptance through the UP Retail Payments solution – an integrated platform for all payment channels.
Capitec, which has long relied upon ACI’s Postilion integrated payments engine, is expanding its usage of ACI’s Universal Payments offerings to benefit from the enhanced flexibility of the UP Retail Payments solution. Based on the Universal Payments Framework (UPF), this allows configuration-based deployment of new payment services, which speeds time to market and increases self-service options for Capitec as it further expands its business and corporate banking services.
“We anticipate significant growth in transaction volume over the next ten years, as a variety of innovative digital payments products are launched – the combination of scalability and flexibility that ACI’s UP Retail Payments solution offers will not only support that growth, but also ensure we’re future-proofing our payments environment,” said Japie Britz, Systems Development Manager – Card Processing, Capitec Bank. “Transitioning to service-based architecture will reduce time-to-market and equip us to respond to global payments trends, enabling us to not only maintain, but expand our leadership position within South Africa’s financial services and banking sector.”
“Africa continues to be fertile ground for fintech and payments innovation, and South Africa – as the continent’s second largest economy – plays a key role,” said Manish Patel, vice president, ACI Worldwide. “Financial institutions need to move quickly to succeed in this challenging and dynamic environment, without compromising security and resilience of their core banking systems. Continuing its long-standing cooperation with ACI and use of Postilion, Capitec is strongly placed to grow its market share, leveraging more of our device and channel-agnostic payments technology as the needs of its customer base evolve.”
ACI supports core payment processing for Capitec with its enterprise-class UP Retail Payments solution, which is based on the Universal Payments (UP) Framework and built on open service-oriented architecture for robust payments orchestration. The solution, which delivers 24×7 secure payment capabilities and is currently used by 8 of the world’s top 10 banks, allows Capitec to create and expose payment services to external entities and to address PCI compliance requirements through tokenization.
- Aventon Partners with Oyster to Provide Specialized Coverage Wherever Customers Buy Read more
- Digital Lending Market to Reach $71.8 Billion, Globally, by 2032 at 19.4% CAGR: Allied Market Research Read more
- OKX Earn Launches Conflux Staking Campaign Read more
- BYDFi New Affiliate Program Takes the Lead as the Most Competitive Program in the Crypto Industry Read more
- HSBC to Rebrand UK Division of Silicon Valley Bank as HSBC Innovation Banking Read more