Canara Bank First to Market in India with EMV Acquiring & Aadhaar Authentication – Powered by ACI Worldwide
April 16 2019 - 1:30AM
Business Wire
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
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.
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Media Contact:Dan RingEmail:
dan.ring@aciworldwide.comPhone: +1 (781) 370-3600
Christopher TaineEmail: christopher.taine@aciworldwide.comPhone:
+49 (0) 89 45230 557
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