Transbank, a Chile-based acquirer and an existing customer of ACI Worldwide, has deployed ACI’s UP Retail Payments solution to offer differentiated services to businesses and comply with the new government regulations.
ACI Worldwide, a provider of real-time electronic payment and banking solutions, said that its UP Retail Payments solution combines the features and functionalities of present systems and next-generation technologies in the same environment to deliver digital payments services.
Furthermore, the UP Framework of ACI’s UP Retail Payments was designed based on an open service-oriented architecture to deliver orchestration that enable easy integration with multiple systems along with support for card, non-card and alternative payments, among other benefits.
Transbank selected to update its system with ACI’s UP Retail Payments solution to comply with the Chilean government’s regulations that allowed new players to enter the market.
ACI said that the Chilean acquirer will also benefit from its UP Payments Risk Management solution, which enhances security through a combination of advanced analytics, machine learning and fraud and payments data.
Transbank chief information and operations officer Vicente Tredinick said: “In the payments industry, change is the only constant, and to stay relevant, we need to continue to transform our business. Our goal is to continue innovating the Chilean economy toward even broader global integration.
“ACI’s UP Retail Payments solution provides us with the ability to bridge the features and functionalities of our existing system with next-generation technologies, so that we can continue business-as-usual while adding new services – to boost revenue growth – and innovating in a protected environment.”
ACI Worldwide Latin America vice president Marco Bravo said: “Real-time payments is already a reality in Chile, and moving to an open digital banking environment is necessary to compete today.
“As a leader in the market, Transbank is future-proofing its business with flexible capabilities that drive speed-to-market and allow the company to compete successfully, while increasing customer retention and delivering even higher shareholder value.”
Established as a credit card processing intermediary in Chile, Transbank is engaged in the development of digital payments for almost three decades.