ACI Worldwide to power South Africa’s Nedbank Payment Modernization

ACI Worldwide, a global leader in mission-critical, real-time payments software, today announced a partnership with one of South Africa’s leading financial services providers, Nedbank, to drive its digital transformation journey including real-time payments.

As per the sources from the Nedbank, the South African Banking major is embarking on a wide-ranging modernization program, migrating all of its legacy systems to ACI’s award-winning ACI Enterprise Payments Platform, including the move to ISO20022, the global financial messaging standard.

Nedbank offers wholesale and retail banking services as well as insurance, asset management, and wealth management. Its primary market is South Africa, and it also operates, through subsidiaries and banks, in Eswatini, Lesotho, Malawi, Mozambique, Namibia, and Zimbabwe.

ACI Worldwide claimed that their Enterprise Payments Platform is an end-to-end payments hub solution for retail and wholesale payments and encompasses all the capabilities of ACI Issuing, ACI High-Value Real-Time Payments, ACI Low-Value Real-Time Payments, ACI Acquiring, and ACI Fraud Management.

Marijke Guest, group technology divisional executive, enterprise payments, Nedbank stated: “We are excited about the modernization journey we have embarked on jointly with ACI. 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.”

Brett Stevens, sales director, ACI Worldwide stated: “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. ACI Enterprise Payments Platform helps financial institutions around the world like Nedbank to meet the complex challenges of payments modernization.”

As a procedure regarding 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 empowers the 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.

To successfully protect the clients against rising levels of fraud attacks, Nedbank will also deploy ACI Fraud Management, ACI’s award-winning enterprise fraud management and prevention solution.