NIBSS, the Nigerian national interbank payment and settlement network operator, is implementing ACI Worldwide's Base24-es platform to drive the Nigeria Central Switch for transferring payments messages around the country.
NIBSS (Nigeria Inter-Bank Settlement System) will use the online BASE24-es platform to provide interconnectivity and interoperability between electronic funds transfer (EFT) switches in the country. The firm, which was established by the Nigerian Bankers Committee, will operate the central switch that will also be used for switching transactions between other third party processors.
ACI says the implementation of the central switch will create a more efficient national payment infrastructure by electronically switching retail payment transactions between commercial banks. The system will be deployed on a fault-tolerant HP NonStop platform. B2B solutions, ACI's Nigerian partner, will provide local support.
The platform will also support the integration of the Nigerian retail payment system with the West African Monetary Zone retail payment platform, says ACI.
NIBSS has also licensed ACI's Proactive Risk Manager product which it will use to provide a fraud monitoring service to its member banks.
Paul Lawal, CEO of NIBSS, comments: "The successful deployment of the Nigeria Central Switch is of national importance, as a successful national payments infrastructure has been proven to be crucial to the economic development and GDP growth of a country. It was essential to select the right software partner to assist us in our objective."