South Africa-based retail lender Capitec Bank has extended its contract with payment services provider ACI Worldwide to expand its payments business.
The retail bank now supports both card and non-card payments acceptance through ACI Worldwide’s UP Retails Payments solution.
The bank, according to the technology vendor, has been expanding on its Universal Payments offerings in order to benefit from the UP Retail Payments solutions.
ACI supports Capitec’s core payment processing for with its enterprise-class UP Retail Payments solution, which is based on the Universal Payments (UP) Framework.
The platform, which is built on open service-oriented architecture, delivers 24×7 secure payment capabilities.
Currently being used by eight of the world’s top 10 banks, the platform will enable Capitec to create and expose payment services to external entities.
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It will also enable it to comply with PCI requirements via tokenization.
Capitec Bank systems development manager for card processing Japie Britz said: “Transitioning to service-based architecture will reduce time-to-market and equip us to respond to global payments trends, enabling us to not only maintain, but expand our leadership position within South Africa’s financial services and banking sector.”
ACI Worldwide vice president Manish Patel said: “Financial institutions need to move quickly to succeed in this challenging and dynamic environment, without compromising security and resilience of their core banking systems.
“Continuing its long-standing cooperation with ACI and use of Postilion, Capitec is strongly placed to grow its market share, leveraging more of our device and channel-agnostic payments technology as the needs of its customer base evolve.”