MUMBAI, India--(BUSINESS WIRE)--AGS Transact Technologies Limited, India’s leading end-to-end payment solutions provider for the banking, retail and petroleum sectors, today announced a strategic alliance with ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions. This alliance will bring ACI’s Universal Payments capabilities to the Indian market via a comprehensive cloud-based managed services offering that integrates cross-channel payments, fraud prevention and transaction management capabilities.
Globally, ACI Worldwide executes $14 trillion payments each day for more than 1,000 of the largest financial institutions and intermediaries as well as thousands of leading merchants. Banks and retailers, as well as the new India Payment and Savings Bank license holders, increasingly are asking for an outsourced and fully managed end-to-end model. The combination of AGSTTL’s existing outsourcing capabilities and dominant market presence in India with ACI’s robust fraud and payments solutions and industry experience will directly address needs in the Indian market.
“This collaboration uniquely enables AGSTTL and ACI to collectively address a critical need impacting the Indian financial services and retail markets to develop a ‘one-stop-shop’ platform for payments, fraud and transaction management capabilities,” said Ravi Goyal, chairman and managing director, AGS Transact Technologies Ltd. “Backed by ACI’s global technology lineage, AGSTTL will offer a comprehensive multi-channel solution to increasingly capex and time-to-market-conscious banking and retail companies.”
“AGSTTL brings a valuable combination of capabilities, market presence and a unique delivery model to India. Its set of outsourced services for payments, fraud and transaction management presents a compelling offering in this important market,” said Craig Saks, group president, strategic products, ACI Worldwide. “Using a hosted model, provided by a trusted and well respected partner such as AGSTTL, customers in India will be able to rapidly deploy relevant solutions across multiple channels—with a dramatically lower total cost of ownership.”
About AGS Transact Technologies Ltd.
Established in 1992, AGSTTL transformed into transaction management business in 2002 and today, is one of India’s leading end-to-end payment solutions provider with a wide spectrum of highly customized products instated with state-of-the-art technology for the banking, retail and petroleum sectors. AGS operates across 700 cities and towns reaching out to over 100,000 customer touch points across India and boasts of an impressive footprint in South East Asia. Pioneering the change in financial technology space, our three major lines include Banking Automation Solutions, Banking Payment Solutions, Automation Solutions for the retail, petroleum and colour sectors while the group is focused on establishing an alternate transactions ecosystem through their brand, Ongo.
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries as well as thousands of global merchants rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software and SaaS-based solutions, we deliver real-time, immediate payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
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