CIMB Bank Selects ACI’s Solution to Create ISO 20022-Compliant Platform

Malaysia-based CIMB Bank has selected ACI Worldwide’s payment solution to bring together all account-to-account (A2A) transactions on a single platform.

The platform will include automated clearing house (ACH), real-time gross settlement (RTGS) and cross-border payments, the companies said in a Thursday (May 22) press release.

CIMB Group selected this payment solution to future-proof its payment platform by making it ISO 20022 compliant, according to the release.

“CIMB’s payment transformation is a bold re-architecture of our core payments infrastructure to unify all payment flows,” Ros Aziah, group chief technology officer at CIMB Bank, said in the release. “This enterprise-wide initiative is a cornerstone of our Forward30 Strategy, built to future-proof operations, accelerate digital convergence, and deliver seamless, secure and intelligent payment experiences for both consumers and businesses.”

ACI Worldwide serves the world’s 10 largest financial institutions by asset value, per the release. Its solutions enable more than 1 billion transactions per day.

Leslie Choo, senior vice president and managing director of APAC at ACI Worldwide, said in the release the CIMB’s payment transformation is “a complex, end-to-end overhaul that unified CIMB’s payment operations across real-time, high-value, low-value and cross-border transactions onto a modern, enterprise-wide ISO 20022 platform.”

The ISO 20022 messaging standard has emerged as a potentially transformative standard for improving data richness and fostering interoperability, reducing friction and paving the way for innovations in the way money moves globally, PYMNTS reported in December.

Major global financial players have championed the adoption of ISO 20022 to align disparate systems and bring cohesion to a fractured ecosystem.

In another recent move, ACI Worldwide said in March that it teamed with embedded banking/money mobility provider Ingo Payments to create ACI Speedpay Digital Disbursements, a solution designed to help businesses scale their disbursement operations.

In February, ACI Worldwide partnered with account verification FinTech Banfico to allow ACI to help banks and payment service providers (PSPs) in Europe and the U.K. comply with mandates to offer confirmation of payee (CoP) and verification of payee (VOP) services. VOP services is a pan-European regulatory requirement under the new European Instant Payment Regulation, which all PSPs must adhere to by October.