Real-time payments software provider ACI Worldwide has joined forces with Arab Financial Services (AFS) to transform payments for banks and merchants in the Middle East.
Through the 10-year partnership, both parties aim to facilitate digital payments modernisation for banks, fintechs, and merchants across the region.
Arab Financial Services is a digital payment solutions provider and fintech enabler in the Middle East and Africa region.
The firm, which is regulated by the Central Bank of Bahrain, is owned by a total of 37 banks and financial institutions.
Arab Financial Services is said to cater to more than 60 clients in over 20 countries across the Middle East and Africa region.
Besides, the digital payment solutions provider and fintech enabler offers several end-to-end digital payment products, services, and solutions to banks and merchant groups.
The company’s cutting-edge approach to the provision of financial services is substantiated by a series of payment services that cover card processing services, merchant acquiring, fintech solutions, and value-added services, said ACI Worldwide.
Arab Financial Services CEO Samer Soliman said: “As the payments landscape becomes ever more intricate and prone to disruption, a reliable technology partner offering industry-leading solutions is crucial.
“Together, AFS and ACI Worldwide are committed to empower our customers with cutting-edge technology that streamlines operations, fosters growth and unlocks new levels of profitability.”
By leveraging ACI Enterprise Payments Platform, Arab Financial Services intends to power the retail banking transformation for its banking and fintech customers.
ACI Enterprise Payments Platform is a single transaction processing platform for all payment types. It is supported by flexible cloud-ready technology, advanced security along with multi-language, multi-currency, and multi-institution capabilities.
Arab Financial Services will also implement ACI Payments Orchestration Platform.
This will support its merchant clients in streamlining payments through one solution, one platform and one application programming interface (API) integration for optimal conversion rates at minimal operation costs.
Furthermore, Arab Financial Services will be able to assist merchants and payment service providers to deliver more seamless and secure customer journeys.
ACI Worldwide MEASA senior vice president Santhosh Rao said: “ACI’s partnership with Arab Financial Services is an important milestone in our strategy to support banks and merchants in the Middle East in their quest for digital payments modernisation.
“Our flexible, agile and innovative payment software solutions will now be available to banks, financial institutions and merchants across the region.”