ACI Worldwide: Universal Payment for Real-time Funding
ACI Worldwide [NASDAQ: ACIW] is a leading global provider of real-time electronic payment and banking solutions. ACI powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. Through its comprehensive suite of software solutions delivered on customers’ premises or through ACI’s private cloud, the company provides real-time, immediate payments capabilities and enables the industry’s most complete omni-channel payments experience.
The Right Fit for the Modern Age
ACI Worldwide's solutions make sense in the modern day, at a time when businesses and merchants are demanding real-time access to funds and a move to cloud infrastructure. “Financial institutions and merchants are looking at technologies to make the payment process as easy as possible without risks of security or fraud,” says Phillip Finnegan, Managing Director for the Pacific region at ACI Worldwide.
The traditional banking model of working for specific hours and business days results in a delay in the transfer of funds from a bank to a merchant or vice-versa and then down to the receiving entity. Today, however, there is both, a “regulatory desire” as well as consumers wanting access to funds at any point and place. There's also been a trend towards open APIs. Due to the convergence of enabling technologies, removing friction from payments can increase innovations towards such possibilities—better access to data and the ability to initiate transactions at any point in time
The aim was also to meet regulatory demand as well as new product requirements coming from customers, for new services and access to real-time funds
ACI has two delivery models that it offers customers— on-premise, which is run at the customer’s site—and via ACI’s private hosted cloud. “More customers are turning to a SaaS environment and running their payments out of our state-of-the-art data centers, which deliver the utmost in reliability, security and data privacy,” says Finnegan.
In the first case, customers get a degree of control and can achieve levels of integration and customization that are important to them. The latter is where customers look for wholly outsourced models, where ACI runs all the systems. This setup enables customers to take on a hybrid approach, where the company runs certain aspects of the environment and customers can run parts of the solution in-house. Regardless of the solution offering, when ACI takes on new clients, it always focuses on the client’s customers and their market segments.
Success Follows Innovation
When Westpac New Zealand, a leading established bank, was looking to transform its business, it approached ACI. The bank aimed to meet regulatory demand as well as new product requirements coming from customers, for new services and access to real-time funds. One of the ACI solutions it utilized was UP Retail Payments, a flexible offering that runs in multiple environments, including Linus. UP Retail Payments has delivered the bank a significant operational improvement and increased its agility; moreover, with Retail Payments, the bank did not have to worry about its payment infrastructure on all the compliance activities. Instead, it was able to focus on innovation for customers and IT within the bank.
As financial institutions look to more effectively compete in today’s rapidly changing payments environment, ACI has launched new API manager capabilities to support their (FIs) open banking strategies. ACI’s API manager capabilities support customers in developing a strategic approach to the emerging open banking payments ecosystem, and provide the tools to meet established and emerging regulatory requirements.