Manish Patel
General Manager – Africa, Middle East and South Asia

ACI Worldwide has announced that Capitec Bank, a South African retail bank, now supports card and non-card payments acceptance through ACI’s UP retails Payments solution- an integrated payment channels’ platform.

According to the supplier, Capitec has been expanding on its Universal Payments offerings in order to benefit from the UP Retail Payments solutions. Given the Universal Payments Framework (UPF), the configuration-based deployment of new payment services is allowed and allows Capitec to create and expose payment services to external entities and to address PCI compliance requirements through tokenization.

“We anticipate significant growth in transaction volume over the next ten years, as a variety of innovative digital payments products are launched – the combination of scalability and flexibility that ACI’s UP Retail Payments solution offers will not only support that growth but also ensure we’re future-proofing our payments environment,” said Japie Britz, Systems Development Manager – Card Processing, Capitec Bank.

“Transitioning to service-based architecture will reduce time-to-market and equip us to respond to global payments trends, enabling us to not only maintain but expand our leadership position within South Africa’s financial services and banking sector.”

Manish Patel, vice president, ACI Worldwide said, “Financial institutions need to move quickly to succeed in this challenging and dynamic environment, without compromising security and resilience of their core banking systems. Continuing its long-standing cooperation with ACI and use of Postilion, Capitec is strongly placed to grow its market share, leveraging more of our device and channel-agnostic payments technology as the needs of its customer base evolve.”

ACI Worldwide, the Universal Payments company, powers electronic payments for more than 5,100 organizations around the world. It is a payment systems company headquartered in Naples, Florida. ACI develops a broad line of software focused on facilitating real-time electronic payments.

Founded in 2001, Capitec Bank Limited offers commercial banking services in South Africa.

by Megha Bhattacharya
Market Analyst at IBS Intelligence