OMAHA, Neb. & HARARE, Zimbabwe--(BUSINESS WIRE)--Nov 19, 2024--
ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, today announced that Zimswitch, Zimbabwe's national electronic payments switch and a leading payments technology company, has chosen ACI's Fraud Management and Payments Intelligence solution to enhance its fraud prevention and management capabilities. Through this implementation, Zimswitch aims to bolster the security of Zimbabwe's digital payment infrastructure and provide an elevated level of protection and security for financial institutions and consumers.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241119104408/en/
Zimswitch connects a network of banks, financial institutions and mobile platforms to facilitate fast, secure and seamless electronic payment across the country through a robust and efficient payment infrastructure. In 2020, the Reserve Bank of Zimbabwe designated Zimswitch as the national payment switch. The company processes more than 75% of all card-based transactions in Zimbabwe, reflecting the country's increasing adoption of electronic payments.
“With electronic payments becoming ubiquitous, Zimbabwe faces escalating fraud threats as bad actors exploit new digital channels with sophisticated tactics to target vulnerabilities in rapidly growing digital payment channels,” said Zabron Chilakalaka, CEO of Zimswitch. “ACI's cutting-edge fraud management solution aligns with our unwavering commitment to provide our customers with the highest levels of security and fraud protection to meet the evolving security demand in this dynamic payment landscape.”
Zimswitch has been an ACI customer since 2007, leveraging ACI's comprehensive suite of payment processing solutions supporting end-to-end retail transactions across multiple channels and payment types. ACI’s Fraud Management and Payments Intelligence solution will seamlessly integrate into Zimswitch’s current payment infrastructure, providing a frictionless and secure payment experience, significantly reducing fraudulent transactions and minimizing financial losses. The project is expected to go live in early 2025.
“With decades of AI and machine learning expertise, ACI has unrivaled capabilities in delivering precise and actionable intelligence that can predict and mitigate emerging threats,” said Santhosh Rao, senior vice president of MEASA, ACI Worldwide. “This project is a testament to Zimswitch's forward-looking approach to delivering innovative and secure payment solutions that build trust and pave the way for wider adoption of electronic payments across Zimbabwe.”
About ACI Worldwide
ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With nearly 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities.
About Zimswitch
Zimswitch is Zimbabwe's national electronic payments switch and the leading payments technology company in the country. We provide effective, secure, and reliable service to meet the needs of all stakeholders in the electronic payments value chain. Our state-of-the-art switching platform connects all financial institutions, sponsored participants, businesses, and consumers to the exciting world of digital payments. Understanding that the future is digital, we have placed innovation at the core of everything we do to remain ahead as we lead our customers in the digital journey - https://zimswitch.co.zw/
© Copyright ACI Worldwide, Inc. 2024
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay, 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.
Left to Right: Sean Mayos, Head - African Development Strategy, ACI Worldwide; Zabron Chilakalaka, Chief Executive Officer, Zimswitch (Photo: Business Wire)
BANGKOK (AP) — Asian shares advanced Tuesday after most U.S. stocks ticked higher to recover some of their swoon from last week.
Oil prices fell and U.S. futures edged higher.
Tokyo's Nikkei 225 rose 0.5% to 38,414.43 and the Kospi in Seoul was up 0.1% to 2,471.95.
Chinese shares rebounded from early losses. They have wavered under concern over potential tariff hikes on by President-elect Donald Trump’s future administration and worries that recently announced stimulus policies won't have enough impact to break the economy out of the doldrums.
The Shanghai Composite index rose 0.7% to 3,346.01, while Hong Kong's Hang Seng dipped and then recovered, adding 0.4% higher to 19,651.75.
“The broader market sentiment remains cautious, with futures showing resilience even as reasonable fears of a looming global trade war cast a shadow over bolder directional moves,” Stephen Innes of SPI Asset Management said in a commentary.
India's Sensex jumped 1.4%, while the Taiex in Taiwan surged 1.3%. In Bangkok, the SET gained 1.1%.
On Monday, the S&P 500 rose 0.4% to 5,893.62 for its first gain in three days. The Dow Jones Industrial Average slipped 0.1% to 43,389. The Nasdaq composite gained 0.6% to 18,791.81.
Stocks regained some momentum after giving back more than half their postelection gains at the end of last week. Investors had sent the S&P 500 nearly 4% higher in the days immediately following Trump’s presidential win. Bank stocks, smaller companies and other areas of the market seen as the biggest winners from Trump’s preference for lower tax rates, higher tariffs and lighter regulation did particularly well.
Attention also has turned to who Trump might nominate as his future Treasury secretary.
“Given the large U.S. budget deficit, investors will probably want to see a safe pair of hands being chosen,” ING Economics said in a commentary.
CVS Health rallied 5.4% after adding four new directors to its board. Liberty Energy also helped pull the market upward after rising 4.9%. President-elect Donald Trump named its CEO, Chris Wright, as his nominee for Secretary of Energy.
Trading of Spirit Airlines’ stock, meanwhile, was halted after the budget carrier reached an agreement with its debtholders on a plan to take it through Chapter 11 bankruptcy protection. The airline will continue to fly while it restructures, but it will also likely wipe out the holdings of all its current stock investors.
Investors have been bracing for some potential downsides of Trump’s reshaping of the economy. Moderna rose 7.2% on Monday but is still down since word came out that Trump wants Robert F. Kennedy Jr., a prominent anti-vaccine activist, to lead the Department of Health and Human Services.
Worries about potentially higher inflation under Trump have also sent Treasury yields upward in the bond market. That could tie the Federal Reserve’s hands, when the central bank is trying to lower interest rates to ease the brakes off the economy and keep the job market humming.
Several big-name companies will be reporting their latest quarterly results this week, including market heavyweight Nvidia on Wednesday. The chip company, with its total market value of nearly $3.5 trillion, will need to hit analysts’ high expectations for growth during the latest quarter to justify its big stock price, which has surged 183% this year.
Other big companies set to report this week include Lowe’s and Walmart on Tuesday, Target on Wednesday and Deere on Thursday.
The big-box retailers will be reporting after an update on Friday said shoppers spent more at U.S. retailers generally last month than expected.
In other dealings early Tuesday, benchmark U.S. crude oil shed 20 cents to $68.97 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, declined 16 to $73.14 per barrel.
The dollar fell to 154.31 Japanese yen from 154.67 yen. The euro slipped to $1.0583 from $1.0599.
FILE - People pass the New York Stock Exchange on Nov. 5, 2024, in New York. (AP Photo/Peter Morgan, File)
Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Nov. 19, 2024. (AP Photo/Ahn Young-joon)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Nov. 19, 2024. (AP Photo/Ahn Young-joon)
A currency trader reacts near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Nov. 19, 2024. (AP Photo/Ahn Young-joon)
