Through this partnership, Interswitch steps up from a reseller to a strategic partner across multiple markets in the Sub-Saharan Africa region.
Moreover, the collaboration aims to facilitate the progressive transformation and modernisation of payments infrastructures for banks, fintechs, and other financial institutions in the region. The integration of ACI's Enterprise Payments Platform into Interswitch's technology stack aims to provide a comprehensive range of payment solutions, which in turn should help financial institutions in Africa in their efforts to adapt to regulatory changes, emerging competition, and evolving trends in the dynamic payments landscape.
ACI's Enterprise Payments Platform is an end-to-end payments hub solution, covering retail and wholesale payments. It includes ACI Issuing, ACI Low Value Real-Time Payments, ACI Acquiring, ATM and Self-Service Banking, and ACI Fraud Management. This solution was designed to aid banks to future-proof their payments infrastructure and meet diverse customer demands across consumer, merchant, and corporate payments.
As part of this collaboration, Interswitch will integrate the full suite of ACI Enterprise Payments Platform solutions. According to the official press release, the partnership is anticipated to facilitate the introduction of new products and services by Interswitch in Nigeria and 31 other markets in Sub-Saharan Africa. The same source indicates that these markets are experiencing a transformation in the payments sector due to factors such as a growing young population, increased digitisation, and a progressive regulatory environment.
Representatives from ACI Worldwide expressed enthusiasm about the extended partnership, emphasising the company's commitment to a long-term investment in Africa. They also talked about collaboration with local partners and experts to support stakeholders in their digital transformation efforts.
Interswitch officials echoed the excitement about the strategic partnership and highlighted the importance of a sustainable payments infrastructure in the context of rising real-time transactions and digital payments. Both companies expressed their commitment to driving digital transformation across Africa through the deployment of relevant digital solutions and innovative infrastructure.
In October 2023, ACI Worldwide announced a collaboration with payments and BaaS enabler in the MENA region NymCard to combat fraud and financial crime. Through this joint effort, the card issuer aimed to enhance its fraud management and prevention capabilities and strengthen anti-money laundering (AML) controls, having upgraded its fraud platform with ACI Fraud Management to better protect its customers from the increasing threat of financial fraud.
For more information about ACI Worldwide, please check out their detailed profile in our dedicated, industry-specific Company Database.
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