Kiwibank Goes Live with ACI Worldwide's Enterprise Payments Platform
07 March 2024 - 12:00PM
Business Wire
Bank becomes the first financial provider in
New Zealand to shift to a cloud-hosted solution and managed service
for payment processing
Kiwibank has successfully gone live with ACI Worldwide’s
Enterprise Payments Platform, a managed cloud solution that will
process all of Kiwibank’s account-to-account real-time
payments.
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“Aligned with our vision for transformation and to build a new,
modern, flexible tech stack, the ACI Enterprise Payments Platform
is vital for future-proofing our payments system. By moving
everything to ACI’s platform, we’ve replaced over 50% of the tech
underpinning our banking solutions and opened our business up to
embrace technology faster, while maximising performance and
enhancing security,” said Mark Stephen, Kiwibank Chief Customer
Officer.
“We’re the first bank in New Zealand to do this, and we’re
really excited about what it means for our customers. Future phases
of our migration will include moving domestic and international
payment functionality out of our old systems and onto ACI
Enterprise Payments Platform as well as offering services like
real-time payments,” said Stephen.
Working with ACI to move its infrastructure to the cloud
provides Kiwibank access to cutting-edge technology at scale to
streamline operation of multiple, and growing, payments services.
“This significantly improves our readiness for future innovation.
It also means we will be able to implement change at lower cost and
lower risk, not having to work around multiple systems, utilising
the expertise of the ACI managed service model,” commented
Stephen.
“We’re always working to improve our offer of being simple,
easy, accessible and providing expertise for our customers, this
move will help us deliver on that promise. ACI has helped us
provide the tools our customers need in today’s fast-moving
society. It’s a really exciting time for us as we continue to grow
and gear up for future growth of the bank,” said Stephen.
For ACI Worldwide, this project epitomizes how ACI’s technology
and global expertise can help our customers meet the increasing
demands of their customers and their markets. “The cloud-native
managed service Enterprise Payments Platform solution is a
transformative move for Kiwibank to leapfrog the competition. It
enables the bank to realize the convergence of all payment rails
and offers scalability and flexibility to bolt on additional
technology solutions without having to build the architecture from
the ground up. We’re very excited to have implemented such an
advanced solution for one of New Zealand’s leading banks,” said
Leslie Choo, Senior Vice President, Managing Director – APAC, ACI
Worldwide.
The Reserve Bank of New Zealand has urged local banks to pick up
the pace in New Zealand's journey towards real-time payments. New
Zealand’s economy could benefit from additional economic growth of
$271 million, or 0.1%, by 2027 if the country were to introduce a
domestic real-time payments scheme, according to a study by the
Centre for Economic and Business Research commissioned by ACI and
Payments NZ, the payments industry association responsible for the
governance of New Zealand's core payment systems.
Kiwibank is a long-standing ACI banking customer, leveraging
ACI’s ATM/POS and AI-powered Fraud Management solutions. The
strategic partnership with ACI marks a significant milestone in
Kiwibank’s digital transformation efforts and sets the foundation
to unlock the benefits of real-time payments.
About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time
payments software. Our proven, secure and scalable software
solutions enable leading corporations, fintechs and financial
disruptors to process and manage digital payments, power
omni-commerce payments, present and process bill payments, and
manage fraud and risk. We combine our global footprint with a local
presence to drive the real-time digital transformation of payments
and commerce.
© Copyright ACI Worldwide, Inc. 2024
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and
all ACI product/solution names are trademarks or registered
trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in
the United States, other countries or both. Other parties’
trademarks referenced are the property of their respective
owners.
About Kiwibank
Kiwibank is a purpose-led organisation that has modern, Kiwi
values at heart and keeps Kiwi money where it belongs – right here
in New Zealand. As a Kiwi bank, with more than a million customers,
our trusted experts are focused on supporting Kiwi with their home
ownership aspirations and backing local business ambitions, so
together we can thrive here in Aotearoa and on the world stage.
Kiwibank is the #1 bank in Kantar’s 2023 Corporate Reputation Index
and the only bank in the top 20. To find out more about Kiwibank
visit www.kiwibank.co.nz.
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Media
Nick Karoglou | Head of Communications and Corporate Affairs |
nick.karoglou@aciworldwide.com
Lyn Kwek | Communications and Corporate Affairs Director,
APAC/South Asia | lyn.kwek@aciworldwide.com
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