ACI Worldwide, a US-based payments solutions provider, has unveiled a series of new card management features to provide payment flexibility to financial institutions amid the coronavirus (Covid-19) crisis.
The features are rooted within its ACI Issuer product as part of its Covid-19 rapid response programme.
ACI Issuer is a customisable card management system that supports any type of payment and offers advanced analytics, reporting and loyalty management.
The solution, according to the company, will not only help banks in responding more quickly to market demands and regulations but also help consumers facing financial difficulties due to the pandemic.
The ACI Issuer’s ‘Installment Pay Option’ allows banks to offer customers a payment instalment plan for one-time purchases and set up a repayment schedule for the same to avoid delinquencies.
The platform enables banks to temporarily hold interest or penalties by offering a full or partial payments holiday.
Banks can also use the platform to bypass the credit card expiry date for certain transaction types so that customers can still access their cash and make payments, the company added.
Cardholders can make certain limited transactions based on the type of the card. For instance, a cardholder cannot use cards meant for business travel to buy groceries.
The ACI Issuer platform enables banks to allow business customers to issue virtual cards.
ACI Worldwide EVP Ruth Fornell said: “We are actively working with banks and financial intermediaries around the world, so they can help their customers during this time of economic uncertainty and increasing financial stress.
“The features within ACI Issuer enable consumers and businesses to better manage their finances during this crisis.”