Hungary’s OTP Bank Group will utilise the full range of ACI Worldwide’s UP portfolio of solutions, to accelerate its digital transformation strategy.
Already a client of ACI, OTP harnesses the company’s UP Retail Payments solution and UP Payments Risk Management solution. Now aiming to advance its digital evolution, OTP Bank will leverage ACI’s API Manager capabilities and will also implement UP Immediate Payments.
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Mandy Killam, group president at ACI Worldwide, stated: “With the EU’s new PSD2 mandate, more Eastern and Central European countries are embarking on real-time and immediate payments initiatives.
“Our UP solutions ensure that financial institutions can take advantage of this sea change by delivering openness while also ensuring the highest levels of privacy and data protection for their clients. Rather than simply ‘checking the boxes’ to meet the PSD2 mandate requirements, ACI’s UP solutions help clients to protect their existing business, grow revenues in the short term and place them in the pole position in the new open banking payments ecosystem.”
Tibor Johancsik, CIO and COO at OTP Bank, commented: “Providing the best possible customer experience has been the focus of our bank since its inception. Consumers increasingly want new and innovative banking services. The advent of PSD2 and the launch of more real-time schemes will offer our customers more options as well as greater control and flexibility.
“ACI’s UP solutions will be a significant element of our architecture, playing a substantial role in our own open banking strategy, enabling us to capitalise on the opportunities that PSD2 and real-time payment present.”
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By GlobalDataThe UP Immediate Payments will provide OTP Bank with a vast range of capabilities for processing real-time payments. The solution offers connectivity, processing, origination, clearing and fraud detection across multiple real-time schemes, all on a single platform.
OTP will be using UP Immediate Payments for both the new domestic scheme in Hungary, which is mandatory and launches in 2018, as well as the pan-European schemes, including SEPA Instant Credit Transfer (SCTinst) and TARGET Instant Payment Settlement (TIPS).
