ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, today announced that The Shared Electronic Banking Services Company (KNET) in Kuwait has expanded its relationship with the company and will leverage its payments risk management solution to power fraud protection for its member banks.
KNET, which is owned by all 11 banks in Kuwait and operates the Kuwaiti country-wide national payments switch, will utilize ACI’s market-leading ACI Proactive Risk Manager to monitor its customers’ banking activity in real-time—including acquiring channels, ATM, point of sale and eCommerce transactions, as well as domestic and international transactions across the network. Additionally, ACI will deliver ongoing fraud prevention consultancy for KNET.
“A critical priority for the KNET member banks across Kuwait is to provide an advanced fraud prevention solution that leverages real-time technology to protect our clients and the millions of customers they serve,” said Abdulla Al-Ajmi, CEO, KNET. “With the implementation of ACI Proactive Risk Manager, we are confident that we will be able to significantly enhance our current fraud monitoring capabilities and deliver an improved customer experience.”
“KNET’s selection of Proactive Risk Manager highlights the need for sophisticated integration of fraud services to protect customers across all payment types in a consistent fashion,” said Andreas Suma, vice president, Global Fraud and Data, ACI Worldwide. “As fraud and payments are increasingly interwoven, the interoperability between ACI’s PRM fraud engine and our market-leading BASE24-eps payment engine provides universal protection for all payments in a unique multi-channel, real-time environment.”
Proactive Risk Manager is part of ACI’s UP Payments Risk Management solution, and leverages ACI’s UP Framework, a set of technologies that orchestrates all aspects of payment processing for any payment type, any channel, any currency and any network.