India’s largest bank, the State Bank of India (SBI) has introduced a new payment system to its 440 million customers.
The bank adopted ACI Worldwide’s open service-oriented, cloud-based architecture to enable SBI’s network of over 58,000 ATMs in acquiring Visa, Mastercard and RuPay cards.
On top of that, ATM networks can now manage ATM and point-of-sale authorisations.
“Size need not restrict adaptability and agility, which will be critical to meeting more than 440 million customers’ needs in the years ahead while staying ahead of security and regulatory requirements,” said Kaushik Roy, the Vice President and South Asia Country Leader of ACI Worldwide.
With 22,000 branches in India and a presence in 32 countries around the world, one would expect the migration process to be challenging, but Dhananjay Tambe, the Deputy Managing Director and CIO for the State Bank of India said it was seamless with minimised risk, downtime and impact for customers.
The SBI sees over 30 million transactions per day. Such an upgrade would thus enable the processing of higher transaction volumes.
To achieve this, ACI collaborated closely with SBI, implementing code consolidation and technology upgrades using public cloud or through ACI’s private cloud.
In addition to payment infrastructure upgrades, SBI will also be mitigating fraud and tightening its payment protection with ACI’s fraud management solution for debit cards, mobile banking, internet banking, pre-paid and UPI payments.
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