ACI’s UP Retail Payments solution, which handles nearly 7 billion
card transactions per year in India, enables secure UPI payments with AGS
MUMBAI, India & NAPLES, Fla.--(BUSINESS WIRE)--Mar. 8, 2018--
AGS
Transact Technologies (AGSTTL), India’s leading end-to-end payment
solutions provider, and ACI
Worldwide (NASDAQ:ACIW), a leading global provider of real-time electronic
payment and banking solutions, today announced the launch
of a UPI-specific suite of solutions that encompasses processing, fraud
monitoring and reconciliation and settlement within ACI’s market-leading
UP Retail Payments solution. AGSTTL, a longstanding ACI strategic
partner, is the first organization to implement this solution, designed
exclusively to support Unified Payments Interface (UPI) transactions in
India.
The rapid digitalization of payments in India, including the National
Payments Corporation of India’s (NPCI’s) UPI initiative, has led to
massive growth in the number of fintechs and other organizations seeking
to capitalize on this payments transformation across the country. Per
recent RBI data, UPI-enabled transactions crossed the 151.7 mn mark in
January, undergoing a 4 percent increase from the 145.5 mn transactions
registered in December 2017. Similarly, the value of transactions also
jumped by 18 percent month on month, from $2 bn (INR 131.4 bn) in
December 2017 to $2.4 bn (INR 155.4 bn) in January 2018.
Anticipating immense future growth potential, the NPCI has formulated a
strategy and set of specifications that enables banks, third parties and
central payments infrastructures to work together with fintechs in a
streamlined manner, and provide interoperability through a single
interface and single set of APIs.
ACI’s UP
Retail Payments solution delivers 24x7, secure payment capabilities,
and is used by 8 of the world’s top 10 banks. The solution enables
stakeholders to access the set of APIs developed by NPCI, and connects
banks’ issuing systems to central infrastructures and to payment service
providers (PSPs). Created specifically for the Indian market and made
available to ACI’s broad customer base, AGSTTL has launched the solution
via a hosted model, as the digitalization of payments in India continues
to gather pace.
“ACI’s Universal Payments capabilities have enabled us to integrate
cross-channel payments, real-time fraud prevention and transaction
management capabilities into our end-to-end payment solutions,” said
Mahesh Patel, President & Group CTO, AGS Transact Technologies. “Our
ability to directly address the evolving needs of the Indian market –
especially UPI payments – continues to be based on the outstanding
cloud-based managed services that ACI delivers.”
“India is undergoing tremendous payments transformation; therefore, it
is imperative that the country’s payments infrastructure delivers
efficiency and scalability,” said Manish Patel, Vice President, ACI
Worldwide. “ACI is a long-standing and trusted provider of critical
payments capabilities within the Indian market; expanding our
relationship with AGSTTL and bringing to market our UPI-enabled UP
Retail Payments solution is another milestone in delivering flexible,
scalable and reliable technology as payments in India continue to reach
new heights.”
“ACI has a proven track record in the Indian market, having supported
major banks and financial organizations for many years with reliable,
scalable payments technology,” said Dr. Rajendran, Chief Technology
Officer, National Payments Corporation of India. “As adoption of UPI
payments gathers pace, ACI, together with AGSTTL, will play a key role
in enabling innovation and connecting financial institutions, banks and
merchants across the diverse Indian payments ecosystem.”
About ACI Worldwide
ACI Worldwide, the Universal
Payments (UP) company, powers electronic
payments for more than 5,100 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. In addition, myriad
organizations utilize our electronic
bill presentment and payment services. Through our comprehensive
suite of software solutions delivered on customers’ premises or through
ACI’s private
cloud, we provide real-time, immediate
payments capabilities and enable the industry’s most complete omni-channel
payments experience. To learn more about ACI, please visit www.aciworldwide.com.
You can also find us on Twitter @ACI_Worldwide.
About AGS Transact Technologies Limited
Established in 2002, AGS Transact Technologies Limited (AGSTTL) is one
of India’s leading end-to-end payment solutions provider with a wide
spectrum of highly customised products instated with state-of-the-art
technology for the Banking, Retail, Petroleum and Transit sectors.
AGSTTL operates across 2200 cities and towns reaching out to over
2,00,000 customer touch points across India through its Group companies
namely Securevalue India and India Transact Services and boasts of an
impressive footprint in South East Asia.
Pioneering the change in financial technology space, our three major
lines include Banking Automation Solutions, Banking Payment Solutions,
Automation Solutions for the Retail, Petroleum and Colour sectors.
With close to 9000 employees, round the clock customer service centers
and manufacturing & warehousing units located in Daman, AGSTTL is
committed to provide clear, credible and contemporary solutions to steer
how India transacts.
© Copyright ACI Worldwide, Inc. 2018.
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Payments, UP, the UP logo, ReD, PAY.ON and all ACI product names are
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its subsidiaries, in the United States, other countries or both. Other
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Product roadmaps are for informational purposes only and may not be
incorporated into a contract or agreement. The development release and
timing of future product releases remains at ACI’s sole discretion. ACI
is providing the following information in accordance with ACI's standard
product communication policies. Any resulting features, functionality,
and enhancements or timing of release of such features, functionality,
and enhancements are at the sole discretion of ACI and may be modified
without notice. All product roadmap or other similar information does
not represent a commitment to deliver any material, code, or
functionality, and should not be relied upon in making a purchasing
decision.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180307006224/en/
Source: ACI Worldwide
PR Contacts
ACI Worldwide
Dan Ring,+1 781-370-3600
dan.ring@aciworldwide.com
or
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Taine, +49 (0) 89 45230 557
christopher.taine@aciworldwide.com
or
AGS
Transact Technologies, Ltd.
Anshu Jain, +91 8879790883
anshu.jain@agsindia.com
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