Security Bank, ACI ready real-time payments system

MANILA  -Security Bank Corp. in partnership with ACI Worldwide is gearing up to roll out within the next few months a ramped up real-time payments system that streamlines their internal business processes while raising their customers’ experience.

Security Bank and ACI Worldwide are working on this as the Bangko Sentral ng Pilipinas doubles down on its push to promote the use of digital payment channels.

In June, then outgoing BSP Governor Felipe Medalla said the regulator may now focus on the digitalization of payments in the Philippines, having “done well” in shepherding inflation back toward acceptable levels of below 4 percent.

Under its Digital Payments Transformation Roadmap 2020-2023, the BSP aims to convert half of total retail payments to electronic channels and increase the number of Filipino adults with bank accounts to 70 percent.

Last July 13, Security Bank and ACI Worldwide signed a contract intended to help to revolutionize the bank’s real-time payment hub.

Through this effort, Security Bank will use ACI’s cloud-native Enterprise Payments Platform solution, which will enable the bank to unify its payments platform and facilitate the interoperability of payment services and gateways for high- and low-value payments.

These include InstaPay, Philippine Domestic Dollar Transfer Service System (PDDTS), PESONet, Swift, and PhilPaSSplus on ISO 2022 standards.

John Cary Ong, executive vice president and head of transaction banking group at Security Bank, said in an interview with the Inquirer that the project is part of their customer-centric efforts — meeting their customers’ evolving needs. INQ