US-based payment technology provider ACI Worldwide has invested in Indian digital payments firm Mindgate Solutions.
Financial terms of the transaction were not revealed.
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Mindgate processes UPI (Unified Payments Interface) payments.
At present, 70% of UPI transactions are said to be routed through banks who are clients of Mindgate.
The company plans to utilise the new capital to expand its presence worldwide.
On the other hand, ACI said that its UP solutions are tapped by eight out of the ten largest banks in India for payments.
ACI president and CEO Phil Heasley said: “The global real-time and digital payments transaction opportunity is vast, and with the Mindgate and ACI alliance, we are well-positioned to capitalise on this growth opportunity—providing to banks, corporates, merchants and payment intermediaries the world’s leading real-time payments offering.”
Under the partnership, the two parties will develop a real-time payments solution.
It will be provided to banks, financial intermediaries and merchants through on-premise or cloud model.
The new tool will leverage the Universal Payments software of ACI and Mindgate’s digital overlay services.
Mindgate co-founder and business head George Sam said: “The combination of ACI’s proven switch capability along with Mindgate’s overlay services, flexibility and agility will empower banks, merchants and intermediaries to fully capitalise on UPI’s extraordinary growth.”
