ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that BANRED, the largest interbank network in Ecuador, has selected ACI’s UP Retail Payments to deliver a powerful digital payments experience to banks and merchants in Ecuador.
Image: ACI Payment Systems, Waltham Massachusetts. Photo: courtesy of John Phelan/Wikipedia.org.
Founded in 1994, BANRED provides technological infrastructure, a payment network connectivity and manages the biggest ATM network in Ecuador. A long-time customer of ACI, the company handles a high percent of financial transactions and supports 90 percent of banks in the country. BANRED’s decision to extend its relationship with ACI was based on its desire to add new services and transform its payments processing environment while maintaining business-as-usual for its clients. ACI’s UP Retail Payments enables BANRED to unite current and next-generation technology under the UP Framework – which allows the management and flow of transaction volumes between systems based upon specific needs. As a result, the company can now add more services that meet the demands of end consumers, such as real-time interbank funds transfers (the first step toward real-time, immediate payments). With new electronic transactions running through BANRED’s associate members, the company now has the flexibility to adapt to new customer demands and process transactions efficiently.
“As the digital payments evolution continues to drive changing consumer demands, we want to be at the forefront of that evolution,” said Pablo Narvaez, CEO, BANRED. “We’ve worked with ACI for many years, and the company plays a strategic role in our business by enabling us to offer new and emerging payments solutions and services with seamless and secure continuity. With ACI, we’re able to respond to changing customer demands with efficiency. In fact, we have recently been recognized for our business efficiency by Ekos Magazine, which placed us first in the hardware and software category.”
Presented by the Ekos Corporation, Ekos de Oro Award winners represent Ecuador’s strongest business leaders. BANRED’s “Gold” (first place) award for business efficiency in the hardware and software category was based on the results generated from the services using ACI’s UP Retail Payments solution.
“As the payments network leader in Ecuador, BANRED is a key driver of innovation in the country,” said Marco Bravo, vice president, Latin America, ACI Worldwide. “We provide the secure foundation the company needs to evolve its solutions for its clients. ACI’s UP Retail Payments allows the company to balance the migration to digital systems all while maintaining security and trust. With ACI, BANRED is advancing payments in Ecuador into the era of fully integrated digital payments around Latin America and the rest of the world.”
ACI’s UP Retail Payments bridges the features and functionalities of current systems with next-generation technologies to deliver a preeminent digital payments experience. The solution supports open API strategies by leveraging the UP Framework’s API Manager capabilities and provides a path for handling real-time payments. In addition, organizations can continue business-as-usual while adding new services and innovating in a protected environment.
Source: Company Press Release