ACI Worldwide’s Credit and Debit Card Management Capabilities Provide Payment Flexibility During COVID-19 Crisis
April 29 2020 - 2:00AM
Business Wire
Part of ACI’s COVID-19 rapid response program,
new payment features help consumers and businesses facing financial
challenges
ACI Worldwide (NASDAQ: ACIW), a leading global provider of
real-time electronic payment and banking solutions, is delivering
financial institutions a series of card management features within
its ACI Issuer product as part of its COVID-19 rapid response
program.
Part of ACI’s UP Retail Payments solution, ACI Issuer is a
configurable card management system that supports any type of
payment and offers advanced analytics, reporting and loyalty
management. To address the growing financial challenges resulting
from the COVID-19 crisis, ACI Issuer provides a series of
capabilities — Installment Pay Option, Payments
Holiday, Credit Card Expiry Bypass and Virtual
Cards — to enable banks to respond more quickly to market
demands and regulations.
Installment Pay Option
With many consumers and businesses experiencing temporary cash
management issues, ACI Issuer enables banks to offer customers a
payment installment plan for one-time purchases. Banks can set up a
repayment schedule based on a consumer or business request,
preventing delinquencies because of temporary cash management
issues.
Payments Holiday
Many regulators and banks around the world are giving credit
card holders, loan holders (e.g., mortgage, auto) and others relief
from principal and interest payments for up to 6 months as a result
of the COVID-19 crisis. ACI Issuer enables banks to temporarily
hold interest or penalties by offering a blanket or partial
“payments holiday.”
Credit Card Expiry Bypass
Since trade and manufacturing have slowed globally, some banks
are anticipating a shortage of physical cards to replace customers’
expired cards. ACI Issuer can be configured to bypass the expiry
date check for certain transaction types so that customers can
still access their cash and make payments.
Virtual Cards
Banks can normally issue cards that limit the type of
transactions cardholders can make. For example, employees cannot
use cards issued for business travel to buy groceries. However,
during these unprecedented times, ACI Issuer enables banks to allow
business customers to issue virtual cards (that are only available
via a mobile wallet) to help employees, for example with grocery
shopping.
“We are actively working with banks and financial intermediaries
around the world, so they can help their customers during this time
of economic uncertainty and increasing financial stress,” said Ruth
Fornell, executive vice president, ACI Worldwide. “The features
within ACI Issuer enable consumers and businesses to better manage
their finances during this crisis.”
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers
electronic 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. 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. 2020
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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version on businesswire.com: https://www.businesswire.com/news/home/20200428005819/en/
Media Contact Dan Ring dan.ring@aciworldwide.com
781-370-3600
Katrin Boettger Katrin.boettger@aciworldwide.com 0044 (0) 7776
147910
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