ACI Worldwide Collaboration with Hi-Pay is a Growth Catalyst for Mongolia’s Emerging Payments Ecosystem

ACI Worldwide Collaboration with Hi-Pay is a Growth Catalyst for Mongolia’s Emerging Payments Ecosystem
16.04.2020 08:04 am

ACI Worldwide Collaboration with Hi-Pay is a Growth Catalyst for Mongolia’s Emerging Payments Ecosystem

Payments

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that High Payment Solutions LLC (Hi-Pay) has successfully launched its new payments hub using multiple ACI solutions to create Mongolia’s first payments gateway service. ACI’s technology gives Hi-Pay a foundational platform upon which it can build a range of new products and services.

Hi-Pay selected ACI’s UP eCommerce Payments solution with its integrated secure payments gateway and fraud management capabilities, and connected with ACI’s UP Real-Time Payments solution, to provide a modern and internationally compatible payments system for the Mongolian market, which depends primarily on the domestic T-Card bank network. In addition to supporting the existing T-Card network, Hi-Pay will enable alternative payment methods such as Alipay and WeChat Pay, making these payment methods available through its own mobile wallet and merchant loyalty scheme.

ACI’s platform-based, open payments architecture provides Hi-Pay with the solutions needed to power its own mobile wallet for the domestic market, including QR code payments, and connect to global card schemes and payment methods to drive secure cross-border eCommerce. Through its implementation of ACI’s UP Real-Time Payments solution, Hi-Pay is well positioned to connect to real-time payment schemes in the broader region and respond to payments infrastructure modernization in its domestic market.

“A growing number of Mongolian consumers are regularly shopping online, utilizing both domestic and cross-border eCommerce platforms to access an ever-expanding range of products,” said Battulga Naranbat, CEO, Hi-Pay. “However, consumers need access to secure and reliable payment methods to shop domestically and across global platforms and marketplaces. ACI has a proven track record in helping payment service providers to scale and expand globally.”

“Through its flexible implementation of our immediate payments and secure eCommerce solutions, Hi-Pay is ideally positioned to lead the development of Mongolia’s payments ecosystem and connect it with the wider region—and the rest of the world—through global real-time payment initiatives,” said Leslie Choo, Managing Director – Asia, ACI Worldwide. “ACI’s extensive global network of payment endpoints gives Hi-Pay the technical connectivity and the adaptability needed to evolve with its market, easily adding relevant payment methods in the future.”

ACI has an unmatched global customer base of financial institutions and payment service providers using its real-time payments solution around the world, including live customers in Australia, Singapore, Thailand, Malaysia, Europe and throughout North America. ACI’s integrated payments gateway and risk management solution gives merchants access to an extensive global payments network for cross-border payment processing and local acquiring solutions, coupled with advanced business intelligence and sophisticated real-time fraud prevention.

Related News

BNY Mellon automates global payment inquiries, becoming the first US bank to offer SWIFT gpi Case Resolution service

BNY Mellon has recently collaborated with SWIFT to be the first U.S. bank to offer the gpi Case Resolution service to clients, and the fifth globally. This... Read more »

EDPIA welcomes SIA as a new member

The European Digital Payments Industry Alliance (EDPIA) is happy to announce that SIA, a leading European hi-tech company in payment services... Read more »

Paymentology works with Utility Warehouse to help customers reduce their bills

Utility Warehouse (UW), has selected cloud-based payment processing platform, Paymentology, to process its cashback card transactions. UW... Read more »

Global payments firm Sokin partners with Jumio to disrupt the world of cross-border transfers

Sokin, the new generation payments firm, has announced a partnership with Jumio to introduce the latest digital identity verification... Read more »

Bottomline boosts the way businesses collect cash with Pay Direct

Bottomline (NASDAQ:EPAY), a leading provider of financial technology that makes business payments simple, smart and secure, today announced the launch of Pay... Read more »

Inaugural Publicis Sapient report finds at-home experiences will remain the new normal post-COVID

Despite global lockdowns lifting, COVID-19 has increased the pace of digital transformation exponentially, and consumers have shown a substantial step-change in a more... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel