Security Bank Corporation (Security Bank), a universal bank in the Philippines, will be utilizing ACI Worldwide’s Enterprise Payments Platform solution for real-time payment capabilities.
ACI Worldwide is a global provider of real-time payments and digital payment software solutions. It will provide full payment hub capabilities for low- and high-value payments, including payment processing, domestic scheme gateways, and SWIFT on ISO 20022 standards on a single platform.
ACI Worldwide’s cloud-native real-time payment platform that Security Bank will use can provide secure services across consumers, merchants, and corporate payments with emerging and new payment types.
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According to ACI Worldwide’s 2022 Prime-Time for Real-Time report, the volume of real-time payments in the Philippines continues to grow, with banks encouraging new domestic use cases and domestic fintech emerging in the market.
Philippine payments system
“With the Philippine payments system primed for rapid growth, we require a technology platform that is scalable and can be modified as our customers’ needs and demands evolve,” said Stephen John Bell, SVP and Channels Network Group Head at Security Bank.
“Our robust solutions go from powering country-wide real-time payment ecosystems to interconnecting cross-border real-time payments networks and enabling the integration of different types of payments into a single, unified, intelligent, cloud-native, payment hub,” said Leslie Choo, SVP, managing director – APAC, ACI Worldwide.
Citing data from Global Data, ACI Worldwide said that globally, it covers approximately one-third of the countries that offer real-time payments services, reaching about 1.8 billion people served by various organizations, including central governments, payment networks, banks, financial institutions and fintech companies.