With ACI Worldwide, MDT Innovations Modernizes and Simplifies Digital Payments for Fave
September 08 2021 - 10:00PM
Business Wire
ACI Enterprise Payments Platform provides
foundation for MDT Innovations to support digital platforms across
Southeast Asia with real-time payments capabilities
ACI Worldwide (NASDAQ: ACIW), a leading global provider of
real-time payments and digital payment software solutions, today
announced that MDT Innovations Sdn Bhd (MDTi) has strengthened its
payments capabilities with ACI Enterprise Payments Platform. Fave,
Southeast Asia's smart payments app, is the first customer to go
live with the new solution, rolling out FavePay DuitNow QR at
20,000 restaurants and retailers throughout Malaysia.
With ACI Enterprise Payments Platform, MDTi has modernized its
payments technology and offers customers new ways to leverage
eWallet payments via real-time payment rails, delivering the
benefits of instant payments as real-time adoption accelerates
globally. ACI simplifies payments and provides flexibility by
facilitating cost-effective connections to banks, real-time payment
schemes and alternative payment methods.
Fave Asia Technologies Sdn. Bhd (Fave), which became the first
non-bank merchant acquirer to offer the DuitNow QR code to
merchants through a strategic partnership with Payments Network
Malaysia (PayNet), uses the solution to empower restaurants and
retailers to accept cross-channel payments and improve
reconciliation and real-time payment verification with the FaveBiz
platform. The recently launched FavePay DuitNow QR enables
merchants to accept payments from 32 banks and eWallets that are
part of the DuitNow ecosystem.
“Fave is primed for rapid growth across the ASEAN region, and
achieving our goals requires payments technology that is scalable
and can be modified as our needs evolve,” said Joel Neoh, CEO Fave.
“We turned to MDT Innovations — and its partner ACI Worldwide —
knowing that we would benefit from globally proven solutions that
simplify our payment systems today but also modernize for the
future growth of our platform.”
Fave has enabled 6 million customers to save more than USD $400
million through 40,000 merchants across Malaysia, Singapore and
Indonesia. With the launch of FavePay Later, offering interest-free
flexible payments on the Fave app, Fave is redefining how the new
generation of consumers get and use credit.
“ACI’s network of connections with national payment switches
across Southeast Asia, its close cooperation with the region’s
leading banks and its global footprint make it the ideal payments
technology partner to fuel our growth,” said Liew Choon Lian, Group
CEO, MDTi. “In a region where cross-border trade is central to
eCommerce, and where real-time payments are rapidly becoming the
norm, growing a robust regional payments ecosystem will be critical
to the success of SMEs. ACI gives us the scalability we need to be
at the core of that ecosystem, playing a crucial role in our
expansion strategy as well as supporting key partners such as
Fave.”
“Fave is well-positioned to evolve with the payment needs of
consumers across the region, supported by MDT Innovations,” said
Leslie Choo, managing director – Asia, ACI Worldwide. “Our
enterprise payments technology, utilized by many of the world’s
most innovative financial institutions and intermediaries, sets up
MDTi for further success in Southeast Asia, especially as eWallet
adoption rapidly increases and cross-border real-time payments
become a reality.”
About ACI Worldwide
ACI Worldwide is a global software company that provides
mission-critical real-time payment solutions to corporations.
Customers use our proven, scalable and secure solutions to process
and manage digital payments, enable omni-commerce payments, present
and process bill payments, and manage fraud and risk. We combine
our global footprint with local presence to drive the real-time
digital transformation of payments and commerce.
About Fave
Fave is one of Southeast Asia's leading fintech platform;
providing a smart payment app for the smart generation of consumers
to pay & save. Fave also empowers offline businesses to grow
and digitally connect with their customers in a whole new way. Fave
is on a mission to maximise joy & value in every shopping
experience and accelerate the offline world’s transition to the
digital economy.
Fave currently operates in 35 cities across Malaysia, Singapore,
and Indonesia. Fave will be launching in India in 2021.
For more information, please visit myfave.com.
© Copyright ACI Worldwide, Inc. 2021 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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Media Dan Ring dan.ring@aciworldwide.com +1
781-370-3600
Christopher Taine Christopher.taine@aciworldwide.com +49
8945230128
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