ACI Worldwide, a real-time payments software company, has completed an installation upgrade with India1 Payments Ltd–a white-level ATM payment operator in India–to accelerate and increase last-mile delivery of payments and financial services.
According to a company statement, ACI has enhanced 11,000 of India Payments’ ATMs with its latest technology as a part of the deal.
The payment enterprise aims to ensure digitalisation in the semi-urban and rural markets. Both companies are also eying physical access to the formal financial sector in rural areas, where bank branches are limited and internet connection is unreliable.
Founded in 1975 in Omaha, ACI is known for developing software for communications applications. On the other hand, Bengaluru-based India1 Payments was incorporated in 2006 and it targets SURU (semi-urban and rural) regions to deploy ATMs.
Talking about the latest development, Rajeev Desai, chief operating officer (COO) of India1 Payments Ltd, said, “This enhancement will create capacity to further expand our footprint across the country, add new features to our platform-opening the prospect of superior functionality and choice for many across the country.”
“Accessing the formal financial sector is fast becoming a basic right for all of us in India, and together, ACI and India1 want to ensure that right is available to as many citizens as possible,” he added.
“Our aim is for ACI technology combined with India1’s widespread presence to ensure no Indian is left behind as the country continues its digitalisation and real-time payments journey,” said Ankur Saxena, Country Leader in South Asia, ACI Worldwide.
“This implementation provides the ideal opportunity and platform to make this a reality and fulfil a key pledge of our mission here in India,” he said.