ACI Worldwide (ACIW), a leading international provider of payment systems, announced today that the State Bank of India (SBI), India's largest commercial bank, has chosen to expand its use of ACI's Base24 solution to support an aggressive expansion of its automated teller network.
SBI is planning to increase the size of its ATM network to 60,000 units by 2017. This enhancement will be integrated into the bank's existing HP NonStop servers.
To better deal with fraud incidents, which are increasing both in quantity as well as complexity, SBI chose to add Proactive Risk Manager(TM), ACI's comprehensive enterprise fraud management solution. Proactive Risk Manager assists financial institutions, merchants and processors with recognizing and combating cross-channel fraud and money laundering.
"Leading institutions in evolving banking and financial markets such as India realize that in order to remain competitive and meet demand, they need the right solution to power their infrastructure," said Jeremy Wilmot, President, Asia-Pacific, ACI Worldwide. "The State Bank of India recognizes the need for solutions which can easily scale and evolve in the rapidly changing Indian payments market. We are pleased to expand our partnership and look forward to continued, mutual success."
The State Bank of India is the largest banking and financial services company in India when ranked by revenue, assets and market capitalization. The majority owner of the bank is the Government of India. It operates more than 18,000 branches in India and has operations in 32 countries around the globe. The State Bank of India has assets totaling US$370 billion and was ranked No. 292 in the 2011 Fortune Global 500 list.