ACI Worldwide, a leading global provider of real-time digital payment software and solutions, today announced that Sri Lanka's National Savings Bank (NSB) will leverage its Payments Risk Management solution to enable enterprise-wide fraud detection and prevention.
NSB is one of Sri Lanka's largest public sector banks, with more than 4,000 service points, including branches, post offices and ATMs. The bank sought to implement a comprehensive intelligence and financial crime detection management solution, aimed at protecting its customers in real time.
In addition to card-based transactions, ACI's fraud management capabilities allow the bank to address emerging digital payment channels, including internet and mobile banking, mobile wallets and real-time payments, solidifying its position as one of the country's leading financial innovators.
"As digital payments increasingly become the country's preferred transaction method, security and fraud mitigation are growing challenges for financial institutions that are looking to provide seamless customer experiences. This can only be achieved with a real-time, customer-centric approach to fraud prevention," said Damitha Rathnayake - Acting GM/CEO National Savings Bank. "ACI's reliability and scalability in payment solutions are unparalleled, and we are confident that the added real-time fraud detection alongside our existing ACI retail payments infrastructure will strengthen our fraud monitoring capabilities, enabling us to deliver an even greater customer experience."
The banking and payments industry in Sri Lanka is evolving rapidly, as usage of electronic payment methods continues to grow. According to the Central Bank of Sri Lanka, at the end of 2019, there were more than 25 million debit and credit cards in use with over 30 percent year-over-year growth in debit card transaction volume and value.
"The shift to digital channels brings myriad benefits to Sri Lankan businesses and consumers," said Kaushik Roy, vice president and country leader - South Asia, ACI Worldwide. "However, this shift could expose vulnerabilities to fraud and put customers at increased risk, as fraudsters evolve to exploit the weakest link - whether that's technology or human. By leveraging our enterprise fraud management solution across all channels, including merchant acquiring, NSB can deliver an enhanced, secure customer experience."
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( With inputs from ANI )
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