Zimswitch will utilize ACI Fraud Management and Payments Intelligence to combat fraud in Zimbabwe
ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, today announced that Zimswitch, Zimbabwe's national electronic payments switch and a leading payments technology company, has chosen ACI's Fraud Management and Payments Intelligence solution to enhance its fraud prevention and management capabilities. Through this implementation, Zimswitch aims to bolster the security of Zimbabwe's digital payment infrastructure and provide an elevated level of protection and security for financial institutions and consumers.
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Left to Right: Sean Mayos, Head - African Development Strategy, ACI Worldwide; Zabron Chilakalaka, Chief Executive Officer, Zimswitch (Photo: Business Wire)
Zimswitch connects a network of banks, financial institutions and mobile platforms to facilitate fast, secure and seamless electronic payment across the country through a robust and efficient payment infrastructure. In 2020, the Reserve Bank of Zimbabwe designated Zimswitch as the national payment switch. The company processes more than 75% of all card-based transactions in Zimbabwe, reflecting the country's increasing adoption of electronic payments.
“With electronic payments becoming ubiquitous, Zimbabwe faces escalating fraud threats as bad actors exploit new digital channels with sophisticated tactics to target vulnerabilities in rapidly growing digital payment channels,” said Zabron Chilakalaka, CEO of Zimswitch. “ACI's cutting-edge fraud management solution aligns with our unwavering commitment to provide our customers with the highest levels of security and fraud protection to meet the evolving security demand in this dynamic payment landscape.”
Zimswitch has been an ACI customer since 2007, leveraging ACI's comprehensive suite of payment processing solutions supporting end-to-end retail transactions across multiple channels and payment types. ACI’s Fraud Management and Payments Intelligence solution will seamlessly integrate into Zimswitch’s current payment infrastructure, providing a frictionless and secure payment experience, significantly reducing fraudulent transactions and minimizing financial losses. The project is expected to go live in early 2025.
“With decades of AI and machine learning expertise, ACI has unrivaled capabilities in delivering precise and actionable intelligence that can predict and mitigate emerging threats,” said Santhosh Rao, senior vice president of MEASA, ACI Worldwide. “This project is a testament to Zimswitch's forward-looking approach to delivering innovative and secure payment solutions that build trust and pave the way for wider adoption of electronic payments across Zimbabwe.”
About ACI Worldwide
ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With nearly 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities.
About Zimswitch
Zimswitch is Zimbabwe's national electronic payments switch and the leading payments technology company in the country. We provide effective, secure, and reliable service to meet the needs of all stakeholders in the electronic payments value chain. Our state-of-the-art switching platform connects all financial institutions, sponsored participants, businesses, and consumers to the exciting world of digital payments. Understanding that the future is digital, we have placed innovation at the core of everything we do to remain ahead as we lead our customers in the digital journey - https://zimswitch.co.zw/
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241119104408/en/
Contacts
Media Contacts
Nick Karoglou | Head of Communications and Corporate Affairs | nick.karoglou@aciworldwide.com
Lyn Kwek | Communications and Corporate Affairs Director, APAC/Middle East/Africa | lyn.kwek@aciworldwide.com
