ACI Worldwide (NASDAQ: ACIW), a multinational provider of real-time virtual payment solutions, reveals that it has expanded its working relationship with KNET, which is Kuwait’s national digital banking firm.
Through the expanded partnership, ACI Worldwide and KNET will introduce several innovative virtual payment services in order to support clients during the Coronavirus crisis.
KNET, a long-time ACI client, provides end-to-end payment services for financial institutions based in Kuwait. With the assistance of the ACI Enterprise Payments Platform, KNET introduced the 3edeti service, which allows people to send Eidia digitally to any mobile number that has been registered in Kuwait.
Eidia are e-gift vouchers that may be sent as gifts to friends or family members during Eidh festival (which comes after the Holy Month of Ramadan being observed until May 14, 2021). Eidh is notably one of the most important festivals in the Islamic calendar during which a lot of cash has traditionally been exchanged between relatives and family members.
The service allows users to send Eidia digitally and instantly, and will be accessible 24/7 during the upcoming Eid Al-Fitr holiday. It provides various benefits like cashback offers and other exclusive perks from participating merchants.
Khaled Bu Abbas, Application Dev Manager at KNET, stated:
“Like many financial institutions around the world, the pandemic has forced us to accelerate innovation and offer new digital payment products and services to our customers. Utilizing the ACI Enterprise Payments Platform has helped us to rise to this challenge. It has empowered us to develop new services with a fast time to market and will future-proof our business.”
Santhosh Rao, vice president, MEASA, ACI Worldwide, remarked:
“The pandemic has cast a spotlight on the need for a robust digital payments infrastructure and financial institutions need to move quickly to succeed in this challenging and dynamic environment, without compromising the security and resilience of their core banking systems. Continuing its long-standing cooperation with ACI, KNET will be strongly placed to meet the changing needs of its customer base and to rapidly respond to shifting trends, regulatory mandates and new competition.”
The ACI Enterprise Payments Platform is described as an advanced enterprise payments solution for acquiring and authorizing transactions across virtual payment channels.
It is developed on open service-oriented architecture for carrying out robust payments. The solution provides 24×7 secure payment capabilities and is reportedly being used by the largest banks in the world.