Canara Bank turns to ACI Worldwide’s UP Retail Payments solution to
meet RBI’s EMV mandate and offer Aadhaar Authentication – market firsts
for one of India’s largest public sector banks
NAPLES, Fla. & MUMBAI, India--(BUSINESS WIRE)--Apr. 16, 2019--
ACI
Worldwide (NASDAQ:ACIW), a leading global provider of real-time electronic
payment and banking solutions, today announced that Canara Bank has
successfully rolled out major new functionality to support EMV card
acquiring across its ATM network and Aadhaar Authentication, leveraging
ACI’s UP
Retail Payments solution to achieve market firsts.
Canara Bank, one of India’s largest public sector banks with nearly
6,300 branches and a network of more than 10,000 ATMs, is the first
public sector bank to shift to EMV chip and PIN for card present
transactions across the country’s vast ATM network. The EMV shift, as in
other major global markets, is aimed at reducing lost and stolen card
fraud and making counterfeit card fraud more difficult. The Reserve Bank
of India (RBI) had set a deadline of December 31, 2018 for the switch,
mandating use of an embedded chip to replace the traditional magnetic
stripe card.
The bank has tapped into the extensive functionality of ACI’s UP Retail
Payments solution, which they have been relying upon as their core
payments processing engine for 12 years, to be the first public sector
bank in India to meet RBI’s EMV mandate. This is a major achievement for
the bank as it offers its retail banking customers improved
authentication for card-present transactions at the ATM, thus ensuring
even greater security and risk mitigation. In addition, functionality
developed by ACI and Canara Bank also speeds up the process of Aadhaar
number linking, which eases KYC compliance at the bank’s branches.
“ACI has played a central role in driving EMV rollouts across numerous
countries over the years. That, coupled with our long and extensive
footprint within India, enables us to effectively drive key initiatives
for innovative banks like Canara Bank, a long-time ACI customer,” said
Kaushik Roy, Vice President – South Asia, ACI Worldwide. “Canara Bank’s
successful rollout of EMV acquiring across its ATM network, and its
implementation of biometric ID based on the 12-digit Aadhaar number,
demonstrates that even the largest public sector companies can adopt a
more agile approach and benefit from working with vendors such as ACI,
which offer flexible, scalable payments technology.”
ACI’s UP
Retail Payments solution, based on the Universal Payments (UP)
Framework and built on open service-oriented architecture for robust
payments orchestration, supports core payment processing with 24x7
secure payment capabilities. ACI’s solution also enables Indian
financial institutions to access APIs developed by the National Payments
Corporation of India’s (NPCI) UPI initiative, which connect banks’
issuing systems to central infrastructures and payment service providers
(PSPs).
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.
© Copyright ACI Worldwide, Inc. 2019
ACI, ACI Worldwide, the ACI logo, ACI Universal Payments, UP, the UP
logo and all ACI product/solution names are trademarks or registered
trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the
United States, other countries or both. Other parties' trademarks
referenced are the property of their respective owners.
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: https://www.businesswire.com/news/home/20190415005042/en/
Source: ACI Worldwide
Media Contact:
Dan Ring
Email: dan.ring@aciworldwide.com
Phone:
+1 (781) 370-3600
Christopher Taine
Email: christopher.taine@aciworldwide.com
Phone:
+49 (0) 89 45230 557
