Kiwibank Accelerates Real-Time Services with New ACI Worldwide SaaS Solution

Rhea-AI Summary

Kiwibank has partnered with ACI Worldwide to implement a full capability Payment Hub, a SaaS solution on Microsoft Azure. This strategic alliance aims to enhance Kiwibank's ability to offer real-time payment services, catering to evolving consumer demands for instant transactions. The flexibility of ACI's technology will lower operational costs and improve service delivery across New Zealand's banking sector, preparing Kiwibank for future industry shifts requiring year-round payment operations.

Positive

• ACI will implement a full capability Payment Hub for Kiwibank, enhancing their service offerings.
• The SaaS solution will lower operational costs related to payments services.
• Kiwibank will be better prepared for industry changes, such as year-round payment operations.

Negative

• None.

MIAMI & AUCKLAND, New Zealand & SINGAPORE--(BUSINESS WIRE)-- Kiwibank has taken the next step in delivering real-time experiences for its customers, after entering into a strategic partnership with ACI Worldwide, (NASDAQ: ACIW) a leading global provider of real-time digital payment software.

The landmark agreement will see ACI provide and run Kiwibank’s newly installed, full capability Payment Hub: a SaaS solution hosted in the Microsoft Azure cloud. The flexibility of ACI’s cloud-native payment solution ensures that any service Kiwibank requires is available on a secure cloud-based platform.

The announcement comes as New Zealand’s banking and financial sectors accelerate their transformation to fully digital businesses and prepare for a series of industry changes.

“Due to rapid technological change, many consumers now expect almost everything to be available instantly and the payments system is no exception. The nature of cloud technology means we’ll be able to do things faster and more efficiently, and we’ll be able to deliver those simple and seamless experiences customers now demand,” said Elliot Smith, Chief Product and Strategy Officer, Kiwibank. “The business benefits of real-time payments are huge, including enhanced cash flow management and improved liquidity. This improvement will be especially impactful to small merchants that may be used to waiting days for their settlement.”

The digital and real-time payment market is rapidly changing with new, more sophisticated customers, a rapidly expanding set of form factors and payment types, and more active and engaged regulators.

“This relationship with ACI supports Kiwibank’s long-term strategies for efficiently dealing with future payment needs. It gives Kiwibank access to some of the biggest technical resources in the world and will lower the cost of operating multiple – and growing – payments services, such as related back-office functions and any overlapping IT infrastructures,” Smith continued.

As customers become more sophisticated and educated, a one size fits all banking model is no longer sufficient. It challenges banks to provide a more flexible and personalized digital experience that can cater to ongoing change, complexity, and uncertainty.

The SaaS solution will do just that. By utilizing ACI’s technology, and cloud partner, Microsoft Azure, Kiwibank will be able to bring new products and services to market faster, add new payment types quickly and cost-effectively to its existing core infrastructure, and rapidly scale to meet customer demands.

“Kiwibank is a worldwide role model for the cloud-native, real-time experience. It’s a great example of how ACI’s flexibility, technology, and global expertise can help our partners meet the increasing demands of their customers and their markets,” said Alessandro Silva, Head of International Markets, ACI Worldwide.

“ACI’s SaaS solution is now up and running across Asia Pacific,” said Leslie Choo, Managing Director, APAC, ACI Worldwide. “We are excited for what this flexibility and operating model holds for Kiwibank and other financial institutions across the region.”

The move also prepares and equips Kiwibank for impending industry changes, when the New Zealand retail payment system is required to operate seven days a week, 365 days a year. At present, settlements between banks occur at regular intervals between 9am and midnight on business days only.

About ACI Worldwide

ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2022

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. 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 was formed 20 years ago to be a credible, local banking alternative. Today, it is the largest of the New Zealand-owned banks with over a million customers. Kiwibank is committed to be the better banking alternative, a bank that provides value for money, that has Kiwi values at heart and keeps our money where it belongs – right here in New Zealand. As a Kiwi bank, we’re focused on backing local, supporting Kiwi with their home ownership and business ambitions, so they can thrive both in Aotearoa and on the world stage.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220207005131/en/

Media

ACI Asia Pacific

Gary Hamilton-Walker

gary.hamilton-walker@aciworldwide.com

+65 9180 1104

ACI Global

Dan Ring

dan.ring@aciworldwide.com

+1 781 370 3600

Kiwibank

Kara Tait

Kara.tait@kiwibank.co.nz

+64 27 475 3521

Source: ACI Worldwide

FAQ

What is the significance of Kiwibank's partnership with ACI Worldwide?

The partnership aims to implement a Payment Hub that enhances Kiwibank's real-time payment capabilities.

How will the Payment Hub benefit Kiwibank customers?

It will enable faster, more efficient payment processing, meeting consumer demand for instant transactions.

What technology is ACI Worldwide providing to Kiwibank?

ACI is delivering a cloud-native SaaS solution hosted on Microsoft Azure.

When will New Zealand's retail payment system operate full-time?

The industry is preparing for payments to be operational 365 days a year.

What operational benefits does Kiwibank gain from the ACI partnership?

Kiwibank will lower costs and improve service efficiency through advanced payment technology.