ACI Worldwide has announced that Transbank, the largest acquirer in Chile and an existing customer, is now taking advantage of ACI’s UP Retail Payments solution to offer differentiated services to businesses and better comply with local card scheme mandates.

Founded as a credit card processing intermediary in Chile, Transbank has played a leading role in the development of digital payments for almost 30 years. It is responsible for a significant part of the payments flow nationally and the exchange of payments abroad. The company’s backend processing system was due for an upgrade, and at the same time, the Chilean government regulations pushed to open the country’s acquiring business, allowing new players to enter the market. To maintain its competitive edge and comply with local card scheme mandates, Transbank chose to update its system with ACI’s UP Retail Payments solution.

Transbank can now offer differentiated services to businesses, and comply with the new government regulations. In addition, the organisation is better able to support the more than 300,000 businesses that are configured into its system, processing volumes of five million transactions per day.

In the future, Transbank will also benefit from ACI’s UP Payments Risk Management solution, which will help bolster security through a combination of machine learning, advanced analytics and fraud and payments data.