Finance Breaking news State Bank of India turns to ACI Worldwide for payment switch modernisation last financial news
Breaking-Finance.Com - ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions, has modernized payments infrastructure for ATM and point-of-sale (POS) at State Bank of India (SBI), the country’s largest bank with more than 440 million account holders.
Breaking-Finance.Com - SBI is India’s largest public sector bank, with a network of more than 22,000 branches spread across the country, as well as a presence in 32 countries around the world. Operating more than 58,000 ATMs, the bank is a long-time ACI customer, utilizing its market-leading Retail Payments solution to acquire, authenticate, route, switch and authorize financial transactions across its ATM, POS and eCommerce channels. The solution enables SBI’s ATM network to acquire Visa, Mastercard and RuPay cards, as well as manage ATM/POS authorizations. Transaction processing volumes frequently exceed 30 million transactions per day.ACI collaborated closely with SBI to ensure the solution implementation not only met the bank’s complex switching needs but also could be executed with minimal downtime and business impact.
. In addition to transaction processing, SBI protects payments and mitigates fraud through its use of ACI’s fraud management solution for debit cards, mobile banking, internet banking, pre-paid and UPI payments.“Considering the size and complexity of this upgrade, the migration process has been seamless and has not only minimized risk in the production environment—with minimum downtime required for switchover—but also minimized impact for our customers,” said Mr Dhananjay Tambe, Deputy Managing Director & CIO, State Bank of India. “We have a close collaboration with ACI and we look forward to building on this long-standing relationship as we evolve our offering to our customers in response to emerging trends.”“The successful migration of SBI to the latest iteration of our retail banking solution is a testament to our team, which has a strong track record of managing many large and complex migration projects,” said Kaushik Roy, vice president & country leader - South Asia, ACI Worldwide. “India’s largest public sector bank has aptly demonstrated that size need not restrict adaptability and agility, which will be critical to meeting more than 440 million customers’ needs in the years ahead while staying ahead of security and regulatory requirements.”
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