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State Bank Of India Teams With ACI Worldwide On Real Time Payments

Bank Of India Turns To ACI Worldwide

State Bank of India, the country's largest bank, has updated its payment processing system to ACI Worldwide Technology's Retail Payments system.

The system allows the bank, which has 440 million account holders, to process 30 million transactions per day, according to a Tuesday (Sept. 8) news release from ACI (Nasdaq:ACIW). The bank is using the system for ATM and point-of-sale (POS) transactions.

The news release states that Bank of India is using the platform to "acquire, authenticate, route, switch and authorize financial transactions across its ATM, (point-of-sale) and eCommerce channels. The solution enables SBI’s ATM network to acquire Visa, Mastercard and RuPay cards, as well as manage ATM/POS authorizations."

The bank has 22,000 branches and operates more than 58,000 ATMs.

The switch to the new system included code consolidation and technology upgrades.

“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 Dhananjay Tambe, deputy managing director and CIO,  State Bank of India. “We have a close collaboration with ACI and we look forward to building on this longstanding relationship as we evolve our offering to our customers in response to emerging trends.”

Kaushik Roy, ACI's vice president and country leader for South Asia, said: “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. 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.”

Naples, Florida-based ACI says the company "powers digital payments for more than 6,000 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."

ACI recently expanded its offerings to include digital overlay services to speed up real-time payments. The digital overlay offering is among a number of solutions announced by industry players seeking to increase real-time services.

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