By partnering with Nedbank, a South African financial services provider, ACI Worldwide, the worldwide real-time payments software, will help Nedbank’s digital transformation, including real-time payments.
An extensive modernization program is underway at Nedbank, including a shift to ISO20022, the global financial messaging standard, for all of its outdated systems. As well as retail and wholesale banking, Nedbank provides insurance, asset management, and wealth management services, among other things. They have operations throughout South Africa as well as a number of smaller markets, such as Malawi, Mozambique, and Namibia.
For retail and wholesale payments, the ACI Enterprise Payments Platform is an end-to-end payment hub solution that includes ACI Issuing, ACI Real-Time Payments, ACI Acquiring, and ACI Fraud Management. Future-proofing your payments foundation and meeting new client requests for all payment kinds across all channels is made possible with this solution.
“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.
