NAPLES, Fla.--(BUSINESS WIRE)--ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, is delivering financial institutions a series of card management features within its ACI Issuer product as part of its COVID-19 rapid response program.
Part of ACI’s UP Retail Payments solution, ACI Issuer is a configurable card management system that supports any type of payment and offers advanced analytics, reporting and loyalty management. To address the growing financial challenges resulting from the COVID-19 crisis, ACI Issuer provides a series of capabilities — Installment Pay Option, Payments Holiday, Credit Card Expiry Bypass and Virtual Cards — to enable banks to respond more quickly to market demands and regulations.
Installment Pay Option
With many consumers and businesses experiencing temporary cash management issues, ACI Issuer enables banks to offer customers a payment installment plan for one-time purchases. Banks can set up a repayment schedule based on a consumer or business request, preventing delinquencies because of temporary cash management issues.
Payments Holiday
Many regulators and banks around the world are giving credit card holders, loan holders (e.g., mortgage, auto) and others relief from principal and interest payments for up to 6 months as a result of the COVID-19 crisis. ACI Issuer enables banks to temporarily hold interest or penalties by offering a blanket or partial “payments holiday.”
Credit Card Expiry Bypass
Since trade and manufacturing have slowed globally, some banks are anticipating a shortage of physical cards to replace customers’ expired cards. ACI Issuer can be configured to bypass the expiry date check for certain transaction types so that customers can still access their cash and make payments.
Virtual Cards
Banks can normally issue cards that limit the type of transactions cardholders can make. For example, employees cannot use cards issued for business travel to buy groceries. However, during these unprecedented times, ACI Issuer enables banks to allow business customers to issue virtual cards (that are only available via a mobile wallet) to help employees, for example with grocery shopping.
“We are actively working with banks and financial intermediaries around the world, so they can help their customers during this time of economic uncertainty and increasing financial stress,” said Ruth Fornell, executive vice president, ACI Worldwide. “The features within ACI Issuer enable consumers and businesses to better manage their finances during this crisis.”
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 6,000 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 solutions delivered on customers’ premises or through ACI’s private cloud, we provide 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.
© Copyright ACI Worldwide, Inc. 2020
ACI, ACI Worldwide, the ACI logo, ACI Universal Payments, UP, the UP logo 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.
Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI’s sole discretion. ACI is providing the following information in accordance with ACI's standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision.
