Zimswitch ups anti-fraud protection with ACI World...

Zimswitch ups anti-fraud protection with ACI Worldwide partnership

ZimNow Reporters

In a bid to bolster the security of Zimbabwe's digital payment infrastructure, Zimswitch, the country's national electronic payments switch, has partnered with ACI Worldwide, a leading global payments technology company.

The partnership will see Zimswitch utilize ACI's Fraud Management and Payments Intelligence solution to enhance its fraud prevention and management capabilities, providing an elevated level of protection and security for financial institutions and consumers in Zimbabwe.

The move comes as Zimbabwe faces escalating fraud threats, with bad actors exploiting new digital channels and sophisticated tactics to target vulnerabilities in the rapidly growing digital payment landscape.

According to Zabron Chilakalaka, CEO of Zimswitch said as electronic payments become more common in Zimbabwe, the country is facing an increasing number of fraud threats. He added that they are using ACI's advanced fraud management solution to provide high levels of security and protection to their customers.

"With electronic payments becoming ubiquitous, Zimbabwe faces rising fraud threats as bad actors exploit new digital channels with sophisticated tactics to target vulnerabilities in rapidly growing digital payment channels.

"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," Chilakalaka said.

Zimswitch, which connects a network of banks, financial institutions, and mobile platforms to facilitate fast, secure, and seamless electronic payments across the country, has been an ACI customer since 2007.

The company has been leveraging ACI's comprehensive suite of payment processing solutions to support end-to-end retail transactions across multiple channels and payment types.

With the new partnership, 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.

Santhosh Rao, senior vice president of MEASA, ACI Worldwide, noted, "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. 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."

The partnership between Zimswitch and ACI Worldwide is likely to be significant, given the growing importance of digital payments in Zimbabwe.

According to Zimswitch, the company processes more than 75% of all card-based transactions in Zimbabwe, reflecting the country's increasing adoption of electronic payments. The Reserve Bank of Zimbabwe designated Zimswitch as the national payment switch in 2020, underscoring the company's critical role in facilitating secure and efficient electronic payments across the country.

The use of ACI's Fraud Management and Payments Intelligence solution is expected to enhance Zimswitch's ability to detect and prevent fraudulent transactions, reducing the risk of financial losses for financial institutions and consumers.

The solution utilises advanced machine learning and artificial intelligence algorithms to analyse payment transactions in real-time, identifying potential fraud threats and preventing them from occurring.

The partnership between Zimswitch and ACI Worldwide is also expected to support the growth of digital payments in Zimbabwe, by providing a secure and trusted payment infrastructure.