ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced that it is extending its partnership with DBS to support the bank’s ongoing digital transformation, including offering Singapore’s first FAST Real-Time Payments gateway service to corporate and institutional customers.
DBS is further building upon its longstanding relationship with ACI, through which the bank originally developed IDEAL – its leading digital banking portal for corporates. DBS’s continued digital transformation utilizes ACI’s UP Real-Time Payments solution as the backbone of its enterprise payments framework, allowing merchant, wholesale and SME customers to offer FAST payments services – including over the mobile channel and Singapore’s enhanced peer-to-peer funds transfer service, PayNow.
With innovation in the region driven by the real-time and open imperative, faster payments and real-time cross-border payments are transforming the ASEAN fintech landscape. Malaysia, Thailand and Singapore are poised to be the first countries in the region to achieve interoperability between their central payment infrastructures, and DBS is well positioned – through its digital transformation strategy – to benefit from the opportunities that will arise as this ASEAN Payment Network takes shape.
ACI’s UP Real-Time Payments solution gives banks complete control, choice and flexibility in routing their real-time payments, providing connectivity to immediate payments schemes and real-time gross settlement (RTGS) globally.
“Successful digital payment transformation requires not only embracing the real-time paradigm, but also adopting an ‘open’ mindset in which Open APIs play an important part, as well as working with ecosystem partners to make banking services readily available and joyful,” said Ng Peng Khim, Head of Institutional Banking Group Technology, DBS Bank. “ACI’s solutions are instrumental in our current and future real-time payment initiatives.”
“We are proud of our longstanding relationship with DBS, and look forward to continuing this collaboration as the bank continues to innovate and grow,” said Leslie Choo, vice president & GM, Asia, ACI Worldwide. “Singapore is rapidly becoming one of the world’s most vibrant fintech hubs, and it is exciting to be able to support DBS on its digital transformation journey, as it engages with fintechs and established financial institutions alike within this new payments ecosystem.”