Canara Bank, one of India’s largest public sector banks with nearly 6,300 branches and a network of more than 10,000 ATMs, is the first public sector bank to shift to EMV chip and PIN for card present transactions across the country’s ATM network.
The bank has tapped into the extensive functionality of ACI’s UP Retail Payments solution, which they have been relying upon as their core payments processing engine for 12 years, to be the first public sector bank in India to meet RBI’s EMV mandate.
ACI’s UP Retail Payments solution, based on the Universal Payments (UP) Framework and built on open service-oriented architecture for payments orchestration, supports core payment processing with 24x7 secure payment capabilities. ACI’s solution also enables Indian financial institutions to access 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).
ACI Worldwide, a payment systems company, powers electronic payments and banking for more than 5,000 financial institutions, retailers, billers and processors around the world. To find out more about in terms of their services and offering, please visit our dedicated online payments company database.
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