"The ACI Enterprise Payments Platform is essential for future-proofing our payments system and is in line with our strategy for transformation and the development of a new, contemporary, flexible tech stack. Mark Stephen, Chief Customer Officer of Kiwibank, stated, "By transferring everything to ACI's platform, we've replaced over 50% of the tech supporting our banking solutions and opened up our business to embrace technology faster, while maximising performance and enhancing security."

"We're thrilled about what this implies for our customers, as we are the first bank in New Zealand to do this. Future stages of our migration will entail providing services like real-time payments and transferring local and international payment capabilities from our outdated systems to the ACI Enterprise Payments Platform," stated Stephen.

By collaborating with ACI to cloud-source its infrastructure, Kiwibank can leverage state-of-the-art technology on a large scale to optimize the functioning of numerous, rapidly expanding payment services. This greatly raises our level of preparedness for upcoming innovations. Additionally, by leveraging the ACI managed service model's knowledge and avoiding the need to work around numerous systems, we will be able to accomplish change at a lower cost and risk, as Stephen noted.

This shift will help us fulfill our commitment to our consumers to be simple, easy, accessible, and knowledgeable—a promise we're constantly striving to improve upon. We are now able to give our customers the resources they require in today's dynamic world thanks to ACI. We're in a pretty exciting phase right now as we build the bank and prepare for more expansion," Stephen remarked.

This initiative, in the opinion of ACI Worldwide, perfectly demonstrates how our customers can satisfy the growing expectations of their consumers and their markets by utilizing ACI's technology and worldwide knowledge. "Enterprise Payments Platform, a cloud-native managed service, is a revolutionary step for Kiwibank to outperform the competition. The bank may achieve the convergence of all payment rails with its help, and it provides the flexibility and scalability to incorporate more technological solutions without starting from scratch. "We are thrilled to have deployed such a cutting-edge solution for one of the top banks in New Zealand," stated Leslie Choo, Senior Vice President and Managing Director of ACI Worldwide's APAC region.

New Zealand's Reserve Bank has called on regional banks to accelerate the country's transition to real-time payments. According to a study conducted by the Centre for Economic and Business Research on behalf of ACI and Payments NZ, the payments industry association in charge of overseeing New Zealand's core payment systems, the introduction of a domestic real-time payments scheme could boost the country's GDP by $271 million, or 0.1%, by 2027.

Kiwibank has been a long-time client of ACI Banking, using the company's AI-powered Fraud Management and ATM/POS systems. Kiwibank's digital transformation initiatives have reached a noteworthy milestone with the strategic relationship with ACI, which lays the groundwork for real-time payment benefits to be realised.