Source: ACI Worldwide
ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced the successful transition of Utkarsh Small Finance Bank (USFB) to the latest version of its UP Retail Payments solution, completing a rapid technological transformation for one of India’s fastest-growing small finance banks.
The milestone was achieved through ACI’s long-standing strategic partnership with AGS Transact Technologies (AGSTTL), one of India’s leading end-to-end payment solutions providers.
ACI's UP Retail Payments solution, featuring UP BASE24-eps, is a market-leading enterprise-class payments solution that enables institutions to acquire, authenticate and authorize, route and protect card and digital payments from multiple channels. ACI’s UP solutions are relied upon by 18 of the world’s top 20 banks and used in 59 countries, and the global payments company has a proven track record in the Indian market. As the pace of payments transformation has gathered pace in India, The ACI and AGSTTL partnership has paved the way for AGSTTL to offer the solution via a hosted model, compliant with the recent RBI (Reserve Bank of India) mandate regarding storing of data within India.
Varanasi-based Utkarsh Small Finance Bank - by transitioning to the latest iteration of ACI’s solution - can process conventional as well as multiple new transaction types through UP Retail Payments. Utkarsh will also be in a position to access the set of APIs developed by the National Payments Corporation of India’s (NPCI) UPI initiative, which connect banks’ issuing systems to central infrastructures and payment service providers (PSPs).
“Together with AGS, we have a strong track-record of enabling innovation and connecting financial institutions, banks and merchants across the diverse Indian payments ecosystem,” said Manish Patel, vice president, ACI Worldwide. “With UP Retail Payments, Utkarsh not only has peace of mind from a regulatory standpoint by adhering to data localization guidelines, but also access to a suite of powerful payment solutions that encompass cross-channel payments, real-time fraud prevention and transaction management capabilities — something only ACI can provide.”
“Many global financial institutions have adopted ACI’s UP BASE24-eps technology and Utkarsh is now the first in India to go live on this platform. The successful transition of Utkarsh to UP BASE24-eps is a significant achievement and yet another milestone in the AGS-ACI partnership,” said Mahesh Patel, Chief Technology Officer, AGS Transact Technologies. “It is testament to the strength of our end-to-end payment solutions, and with UPI payments continuing to gather pace, Utkarsh is now well positioned to reach its goal of being the trusted financial service provider to over 10 million customers by 2021.”
“Our mission is to provide affordable and accessible banking services - and UP BASE24-eps now forms a critical piece of our technology stack, enabling us to fulfil our mission of increasing financial inclusion,” said Mr. Venkat Krishnan V, Chief Technology Officer, Utkarsh Small Finance Bank. “AGSTTL has a proven track record in delivering end-to-end payment solutions in the Indian market, and ACI’s proven technology is relied upon by major financial institutions across the globe. The cooperation between ACI and AGSTTL will help us toward our goal of being a highly reliable, scalable and sustainable small finance bank.”
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