ACI Worldwide‘s UP Retail Payments solution has been selected by Chilean acquirer Transbank in order to offer a variety of services to the businesses and simultaneously enhance its position in the market.

According to the supplier, Transbank is expected to leverage ACI’s solution and expand its offering and comply with the new government regulations. It will also benefit from ACI’s Risk Management solution as it is expected to boost Transbank’s security through machine learning, advanced analytics, fraud and payments data.

“Real-time payments is already a reality in Chile, and moving to an open digital banking environment is necessary to compete today,” said Marco Bravo, vice president, Latin America, ACI Worldwide. “As a leader in the market, Transbank is future-proofing its business with flexible capabilities that drive speed-to-market and allow the company to compete successfully, while increasing customer retention and delivering even higher shareholder value.”

Established in 1989, Transbank plays a critical role in the Chilean economy and is responsible for the payments flow nationally and the exchange of payments abroad.

“In the payments industry, change is the only constant, and to stay relevant, we need to continue to transform our business,” said Vicente Tredinick, Chief Information and Operations Officer, Transbank. “Our goal is to continue innovating the Chilean economy toward even broader global integration. ACI’s UP Retail Payments solution provides us with the ability to bridge the features and functionalities of our existing system with next-generation technologies, so that we can continue business-as-usual while adding new services – to boost revenue growth – and innovating in a protected environment.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence