ACI Worldwide, Inc. (NASDAQ: ACIW) disclosed that it has joined forces with one of South Africa’s prominent financial services providers, Nedbank, to bring digital transformation including real-time payments. As per the partnership, Nedbank will leverage ACI Low-Value Real-Time Payments. It will allow the bank to provide real-time mobile payments to its customers.
Nedbank is undertaking a modernization initiative that will migrate all its old systems to ACI's award-winning ACI Enterprise Payments Platform, as well as a shift to ISO20022, the global financial communications standard. Wholesale and retail banking, as well as insurance, asset management, and wealth management, are all available through Nedbank. Its main market is South Africa, although it also has operations in Eswatini, Lesotho, Malawi, Mozambique, Namibia, and Zimbabwe, thanks to businesses and banks.
ACI Enterprise Payments Platform
The ACI Enterprise Payments Platform is a retail and wholesale payments hub system that combines the features of ACI Acquiring, ACI Fraud Management, ACI High-Value Real-Time Payments, ACI Low-Value Real-Time Payments, ACI Issuing. Banks can use the solution to future-proof their payments infrastructure and fulfill new client expectations for all payment types, including consumer, dealer, and business payments.
Nedbank believed that shifting its legacy systems to the ACI Enterprise Payments Platform will enable it to provide new payment methods with a quick time to market, decrease TCO, improve the speed of innovation, and eventually prepare its business to successfully compete in the future. This partnership will be helpful for the bank as it has started its modernization in collaboration with ACI.