Ethiopian main commercial Bank has entered into an agreement with an American technology company ACI Worldwide for the provision of real-time electronic payment and banking solutions. The Bank will start utilizing ACI’s UP Retail Payments solution to modernize its payments infrastructure.
Ethiopia has been on a fast lane to modernize its financial sector and CBE is at the forefront of country’s move toward becoming a cashless economy. The bank is using ACI’s market-leading UP Retail Payments solution to optimize its payments environment, enabling it to transform its legacy systems, accelerate innovation and implement real-time, any-to-any payment capabilities.
CBE selected ACI following a comprehensive and competitive vendor review.
“Our millions of customers are our top priority, and during this financially transformative time in our country, we’re excited to work with ACI on accomplishing this milestone,” said Addis Tilaye, director – Project Management, Commercial Bank of Ethiopia. “ACI’s broad footprint and understanding of our region, proven and reliable payments offerings, and track record of success make it an ideal technology partner.”
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world.
“Africa has long been regarded an incredibly advanced nation when it comes to financial innovation, and Ethiopia’s move toward a cashless economy further reinforces this recognition,” said Manish Patel, General Manager MEASA, ACI Worldwide. “We are excited to be at the forefront of this financial evolution—and help CBE achieve its business goals.”
ACI’s UP Retail Payments solution delivers round-the-clock, secure payment capabilities, and is used by 8 of the world’s top 10 banks. As more financial institutions continue to transform, they’re turning to UP Retail Payments, which bridges the features and functionalities of their current systems with next-generation technologies, ensuring they can continue business as usual while adding new services and innovating in a protected environment.
More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities.