Security Bank Corporation (Security Bank), one of the country’s leading universal banks, has recently partnered with ACI Worldwide (NASDAQ: ACIW), a global provider of real-time payments and digital payment software solutions, to strengthen its real-time payment capabilities.
By utilizing ACI Worldwide’s top-of-the-line Enterprise Payments Platform solution, Security Bank hopes to modernize its payments infrastructure and keep up with its promise of “better banking” for customers.
The partnership with ACI Worldwide will also help Security Bank’s accelerate its digital transformation journey, helping the bank stay ahead of evolving customer and regulatory demands by providing full payment hub capabilities for low- and high-value payments. These capabilities shall include payment processing, domestic scheme gateways, and SWIFT on ISO 20022 standards using a single platform.
ACI Worldwide’s cloud-native real-time payment platform and flexible, modern architecture ensure that Security Bank can provide a more secure service across consumers, merchants, and corporate payments with emerging and new payment types.
Security Bank aims to become a market leader in payments innovation in the Philippines while delivering on its promise of bringing customer-centricity to the forefront (better banking) and providing a best-in-class payments solution and global domain expertise.
Volume of real-time payments in PH continues to grow
According to ACI Worldwide’s 2022 Prime-Time for Real-Time report, the volume of real-time payments in the Philippines continues to grow, with banks encouraging new domestic use cases and domestic fintech firms emerging in the market.
The Philippines’ payment system is on the verge of modernization, and integrating its financial structure is essential to ensure significant economic benefits. The partnership between ACI Worldwide and Security Bank is a milestone for the bank’s payments modernization efforts. It enables the bank to play a crucial role in helping the nation reap the benefits of real-time payments domestically and across the region.
“With the Philippine payments system primed for rapid growth, we require a scalable technology platform that can be modified as our customers’ needs and demands evolve,” said Stephen John Bell, SVP and Channels Network Group Head at Security Bank Corporation, in a press release.
“The ACI partnership will enable us to provide our customers with a seamless real-time payments experience, aligned with Security Bank’s brand promise of Better Banking,” he adds.
For her part, Leslie Choo, Senior Vice President, Managing Director for APAC of ACI Worldwide, said, “ACI Worldwide is the APAC leader in real-time payments transformation. Our robust solutions go from powering country-wide real-time payment ecosystems to interconnecting cross-border real-time payment networks and enabling the integration of different types of payments into a single, unified, intelligent, cloud-native payment hub.”
“By utilizing ACI Worldwide’s technology, Security Bank will be able to bring new products and services to customers faster, add new payment alternatives seamlessly and cost-effectively to its existing core infrastructure, and tap into ACI Worldwide’s payment ecosystem in the APAC region. We look forward to Security Bank providing personalized digital experiences that can cater to ongoing change, complexity, and uncertainty,” she adds.
About ACI Worldwide
ACI Worldwide has had a successful track record of implementing critical real-time ISO 20022 payments ecosystems and central infrastructures across APAC countries.
It provides the primary infrastructure for Indonesia’s BI-FAST, one of the world’s most significant real-time payment initiatives, which will soon be able to incorporate 135 banks, merchants, and payment service providers when fully implemented.
The company also powers the real-time central infrastructure and the entire bank ecosystem of Malaysia’s Real-time Retail Payments Platform.
Additionally, ACI Worldwide supports Thailand’s National ITMX with real-time ISO 20022 bulk payments alongside many real-time payment schemes across the region, including the Philippines, Singapore, and Australia.
Globally, ACI Worldwide covers approximately one-third of the countries that offer real-time payments services, reaching about 1.8 billion people* served by various organizations, including central governments, payment networks, banks, financial institutions, and fintech companies.