Westpac NZ has deployed real time payment and fraud prevention technology from US based ACI Worldwide as part of what is, according to ACI, a wide-ranging banking technology transformation.
ACI says Westpac NZ has adopted its UP Immediate Payments product as its financial transaction hub, orchestrating payments across channels, networks and payment types, and settling to any clearing stream in real-time.
“Core payment processing is handled by ACI’s market-leading UP Retail Payments solution which acquires, authenticates, switches and authorises financial transactions across multiple channels,” ACI said. “The implementation allows Westpac NZ to make changes at speed and rapidly scale up operations to overcome market challenges.”
Westpac NZ CIO, Dawie Olivier, said ACI was the bank’s logical partner as it made the shift to an agile development methodology.
“Implementing ACI’s retail payments solution on Linux positions us to fully capitalise on the transformation of both our IT culture and technology stack,” Olivier said. “We can leverage capabilities across the solutions that are part of ACI’s Universal Payments Framework, and bring them together in a multitude of innovative products.”
ACI said Westpac NZ had become the first in New Zealand to benefit from the new capabilities of ACI’s UP Payments Risk Management product.
“The solution’s scalable, high-processing transactional throughput delivers real-time adaptive machine learning and the ability to pattern match, so that fraud trends can be identified before they impact the bank’s customers or the bank itself,” ACI said.
ACI Worldwide’s general manager, Pacific Phillip Finnegan said: “Westpac NZ is a shining example of how a long-established bank can transform its IT culture and operations to become nimbler, and supply customers with innovative solutions.
“ACI’s UP solutions provide the underlying technology, but it’s the company’s agile implementation approach that has made this a truly transformative project that has sped up time to market, enabled innovation, and – crucially – reduced the risk of operating in a real-time world.”