ACI Worldwide, the global provider of real-time electronic payment and banking solutions, announced on Tuesday (May 21) that Transbank, the acquirer in Chile and an existing ACI customer, is now using ACI’s UP Retail Payments solution.
In a press release, ACI Worldwide said Transbank can now offer differentiated services to businesses and meet the new regulations put in place by the Chilean government. ACI's UP Retail Payments platform combines the features of current systems with advanced technologies to provide digital payments.
By using ACI's UP Retail Payments solution, ACI said the bank will be better able to support the more than 300,000 businesses that are configured into its system, processing a volume of five million transactions daily.
“In the payments industry, change is the only constant, and to stay relevant, we need to continue to transform our business,” said Vicente Tredinick, chief information and operations officer for Transbank. “Our goal is to continue innovating the Chilean economy toward even broader global integration. ACI’s UP Retail Payments solution provides us with the ability to bridge the features and functionalities of our existing system with next-generation technologies so that we can continue business as usual while adding new services – to boost revenue growth – and innovating in a protected environment.”
Transbank has been at the forefront of digital payments in Chile for nearly 30 years. It plays a big role in the country’s economy, given it is responsible for a significant part of the payments flow nationally and abroad. According to ACI, the backend of the processing system was in need of an upgrade, at the same time that new regulations enabled new entrants into the market.
To maintain its competitive edge and meet local card scheme rules, Transbank opted to update with ACI's UP Retail Payments solution. ACI said that in the future, Transbank will benefit from ACI's UP Payments Risk Management solution, which will help increase security via a combination of machine learning, advanced analytics and fraud and payments data.
“Real-time payments is already a reality in Chile, and moving to an open digital banking environment is necessary to compete today,” said Marco Bravo, vice president, Latin America, ACI Worldwide. “As a leader in the market, Transbank is future-proofing its business with flexible capabilities that drive speed to market and allow the company to compete successfully, while increasing customer retention and delivering even higher shareholder value.”