ACI Worldwide to enable payments for Co-op

By relocating its payment software into the cloud, Co-op intends to improve its operational efficiency, and provide scalability, secure, and enhance data protection. The successful migration of Co-op follows ACI’s announcement from August 2021, when the company presented an expanded multi-year strategic alliance with Microsoft to provide solutions in the cloud. ACI’s work with Microsoft also assists the company’s artificial intelligence-powered processing model, which includes patented, proprietary learning technology that focuses on enabling clients to run payment operations securely. Additionally, the technology supports the protection of transactions and customers’ privacy.

Representatives from Co-op expressed their enthusiasm over the work with ACI Worldwide and the successful completion of the project. The company is committed to finding additional methods for meeting the needs of its member-owners and customers while maintaining increased levels of data security. By leveraging ACI’s technology, Co-op intends to accelerate its operations and make them more efficient, as well as deliver simple and secure payment experiences to customers. Considering the company’s current position in the market, the move to migrate its full stack of payments and fraud prevention software into ACI Worldwide’s cloud platform can assist Co-op’s development strategy. As a consumer cooperative with interest across food, funerals, insurance, and legal services, Co-op operates 2,400 food stores, and 800 funeral homes, and offers products to over 5,000 other stores across the UK.

Furthermore, ACI Worldwide’s officials underlined that their company’s alliance with Microsoft accelerated and expanded its cloud payment offerings in Microsoft Azure. The collaboration with Co-op allowed ACI to show how its flexibility, technology, and expertise can support merchants and financial institutions in meeting the increasing demands of digital transformation as they adopt more efficient business and operating models.

In addition to its work with Co-op, ACI Worldwide entered several collaborations in recent months to advance its development strategy and expand its footprint into different geographical areas. At the beginning of December 2023, Banco de la República de Colombia partnered with ACI Worldwide to enhance real-time payments in Colombia, with the two organisations focusing on developing a new domestic ecosystem for customers. The bank was set to use ACI’s Digital Central Infrastructure to create the Central Infrastructure of a countrywide strategy, which was intended to include centralised settlement and addressing services for the existing real-time payment schemes.

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