Amdocs and ACI Worldwide plan to enable subscription merchants to integrate a turn-key solution to reduce time-to-market, improve retention, decrease costs and simplify subscription management. As per details disclosed in the company press release, the solution includes customer identity management, customer engagement, subscription management, fraud and risk management tools, passive churn solutions and a global payments footprint that enables omni-commerce payments.
ACI Worldwide representatives explained that, as the subscription economy grows exponentially, an integrated solution that helps subscription businesses boost retention efforts and capture more revenue is more important than ever.
UBS Global released data suggesting that the subscription economy to expand into a USD 1.5 trillion market by 2025, implying an average annual growth rate of 18%. Over the long run, they expect subscriptions as a trend to broaden and gather significant traction in emerging markets.
Experts from UBS forecast that, at the moment, the subscription economy is just getting started, and use cases are likely to continue evolving as the technology develops. It is suggested that a relevant driver is 5G, which should spur subscription businesses in latency-specific areas such as cloud gaming and autonomous driving.
One telling example is how manufacturing industries have, with the advent of Internet of Things (IoT) devices, adopted digital twin services and equipment-as-a- service models throughout the production process. Also, by maximizing resource efficiency and reducing waste, subscriptions can promote sustainability in the long term.
In an exclusive interview published in March 2022, John Gessau, Head of Omnichannel - General Retail of ACI, looked at payment evolution post-COVID and how retail digitalisation is disrupting traditional attitudes and channels. The expert deemed that ‘merchants should invest in agnostic and flexible platforms that can easily integrate with new payment methods and technologies on an ongoing basis. Ones that are equipped with tools to support smooth customer journeys, optimise channels, increase responsiveness, and improve decision making.’
Apart from the recent Amdocs agreement, ACI has been partnering with several other companies in 2022, including NORBr, a payment services distributor platform for digital merchants, to allow merchants to connect to ACI’s merchant solutions. Part of the solutions in the purview of the partnership include ACI Secure eCommerce, ACI Omni-Commerce and ACI Fraud Management for Merchants.
In June 2022, the company also launched ACI Smart Engage, a mobile engagement platform, meant to enable merchants worldwide to serve up their inventory of goods and services directly to consumers’ smartphones using location, voice, and image recognition technology.
To learn more about ACI Worldwide, please check out the company profile in The Paypers' Company Database.
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