ACI Worldwide, a leading global provider of real-time digital payment software and solutions, today announced ACI Fraud Management in the cloud enables Indian banks to protect the rapidly growing number of Unified Payments Interface (UPI) transactions across the region.
ACI Fraud Management, delivered via the cloud, offers greater scalability at significantly lowered costs. It can be deployed without changes to a bank’s existing UPI solution, and can approve or decline transactions based on consumer behavior, counteract SMS spoofing and blacklist fraudulent accounts. Banks benefit from custom-defined workflows and scoring methods, centralized auditing and automated case updates, helping make fraud management simpler, more flexible and cost-effective. The solution alerts account holders to potential fraud events, enabling them to easily confirm or deny transactions.
“A supportive regulatory environment, coupled with ever-increasing smartphone usage, internet access and customer acceptance, has powered rapid UPI transaction growth. However, surging transaction volumes pose a complex challenge to banks and financial institutions when it comes to upgrading and maintaining their back-end risk management systems,” said Kaushik Roy, vice president and country leader – South Asia, ACI Worldwide. “Our multi-layered approach to fraud management for UPI delivers key SaaS benefits—faster time to value and scalability in a secure and cost-effective environment. Additionally, it leverages cloud automation to enable non-technical users to test, change, deploy and scale new rules and machine learning models to match existing and emerging fraud trends within minutes,” he mentioned.
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