ACI's UP Retail Payments solution empowers ALTO to capture growing market opportunity.
M2 EQUITYBITES-May 2, 2019-ACI's UP Retail Payments solution empowers ALTO to capture growing market opportunity
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ACI Worldwide (NASDAQ: ACIW), a global provider of real-time electronic payment and banking solutions, has announced that ALTO, a interbank switch in Indonesia, is expanding its payments capabilities with the next generation of ACI's UP Retail Payments solution, the company said.
ALTO selected ACI as its strategic payments technology partner to address new regulatory requirements, capture growth in alternative payments and respond to future developments of the national payment gateway within the Indonesian market.
ALTO currently provides digital payment services to banks, payment gateways, billers, corporates and merchants, utilizing the latest technologies. The implementation of ACI's UP Retail Payments solution demonstrates ALTO's approach to partnering with an established global player, enabling a strong foundation for faster development and the addition of new payment endpoints in a market that is expected to register double-digit growth in digital commerce over the next five years.
ALTO will initially use ACI's UP Retail Payments for card-based transaction switching, followed by expansion to address non-card-based transactions including a range of alternative payment methods and merchant acquiring. ACI's market-leading solution also opens up opportunities for ALTO to develop partnerships with new market entrants, increase interoperability with a wide range of financial institutions and intermediaries, and enable payments innovation that will benefit ALTO's member banks and their customers.
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute USD 14 trillion each day in payments and securities. To learn more about ACI, visit www.aciworldwide.com.
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|Publication:||M2 EquityBites (EQB)|
|Date:||May 2, 2019|
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