India’s Largest Bank Modernizes its Payment Switching System with ACI Worldwide Technology
September 08 2020 - 2:00AM
Business Wire
State Bank of
India has seamlessly updated and expanded its payment switching
system using ACI’s Retail Payments solution to meet its requirement
of processing over 30 million daily transactions
ACI Worldwide (NASDAQ: ACIW), a leading global provider of
real-time digital payment software and solutions, has modernized
payments infrastructure for ATM and point-of-sale (POS) at State
Bank of India (SBI), the country’s largest bank with more than 440
million account holders.
SBI is India’s largest public sector bank, with a network of
more than 22,000 branches spread across the country, as well as a
presence in 32 countries around the world. Operating more than
58,000 ATMs, the bank is a long-time ACI customer, utilizing its
market-leading Retail Payments solution to acquire, authenticate,
route, switch and authorize financial transactions across its ATM,
POS and eCommerce channels. The solution enables SBI’s ATM network
to acquire Visa, Mastercard and RuPay cards, as well as manage
ATM/POS authorizations. Transaction processing volumes frequently
exceed 30 million transactions per day.
ACI collaborated closely with SBI to ensure the solution
implementation not only met the bank’s complex switching needs but
also could be executed with minimal downtime and business impact.
Increased resilience and scalability, delivered through code
consolidation and technology upgrades, will enable the processing
of higher volumes across a growing number of channels in the
future, ultimately benefitting the customers of the bank. In
addition to transaction processing, SBI protects payments and
mitigates fraud through its use of ACI’s fraud management solution
for debit cards, mobile banking, internet banking, pre-paid and UPI
payments.
“Considering the size and complexity of this upgrade, the
migration process has been seamless and has not only minimized risk
in the production environment—with minimum downtime required for
switchover—but also minimized impact for our customers,” said Mr
Dhananjay Tambe, Deputy Managing Director & CIO, State Bank of
India. “We have a close collaboration with ACI and we look forward
to building on this long-standing relationship as we evolve our
offering to our customers in response to emerging trends.”
“The successful migration of SBI to the latest iteration of our
retail banking solution is a testament to our team, which has a
strong track record of managing many large and complex migration
projects,” said Kaushik Roy, vice president & country leader –
South Asia, ACI Worldwide. “India’s largest public sector bank has
aptly demonstrated that size need not restrict adaptability and
agility, which will be critical to meeting more than 440 million
customers’ needs in the years ahead while staying ahead of security
and regulatory requirements.”
ACI’s enterprise-class Retail Payments solution is built on open
service-oriented architecture for robust payments orchestration
across multiple channels. The solution delivers 24x7x365 secure
payment capabilities through its ‘active-active’ configuration and
is currently used by 19 of the world’s top 20 banks.
About ACI Worldwide
ACI Worldwide powers digital 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 bill presentment and payment services. Through our
comprehensive suite of software solutions delivered on customers’
premises, through the public cloud or through ACI’s private cloud,
we provide real-time payment capabilities and enable the industry’s
most complete omni-channel payments experience.
© Copyright ACI Worldwide, Inc. 2020
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay 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.
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PR Dan Ring dan.ring@aciworldwide.com +1 (781) 370-3600
Christopher Taine (APAC/EMEA) christopher.taine@aciworldwide.com
+49 (0) 89 45230 128
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