This in partnership with ACI Worldwide
Kiwibank has become the first financial institution in New Zealand to transition to a cloud-hosted solution for payment processing, utilising ACI Worldwide’s Enterprise Payments Platform.
“By adopting ACI’s platform, we’ve revamped over half of our technological backbone, enhancing our system’s performance and security,” said Mark Stephen, Kiwibank’s chief customer officer.
The move aligns with Kiwibank’s strategy to modernise its tech stack, ensuring agility and efficiency in its payment systems.
Enhanced customer experience and operational efficiency
The partnership with ACI Worldwide enables Kiwibank to offer its customers faster and more reliable payment services, including the future incorporation of domestic and international payment functionalities.
“This significantly improves our readiness for future innovation,” Stephen said. “It also means we will be able to implement change at lower cost and lower risk, not having to work around multiple systems, utilising the expertise of the ACI managed service model.”
ACI Worldwide’s role in Kiwibank’s transformation
For ACI Worldwide, the collaboration with Kiwibank demonstrates the impact of its technology and expertise in meeting the evolving needs of the banking sector.
“The cloud-native managed service Enterprise Payments Platform solution is a transformative move for Kiwibank to leapfrog the competition,” said Leslie Choo, senior vice president, managing director for APAC at ACI Worldwide.
“It enables the bank to realise the convergence of all payment rails and offers scalability and flexibility to bolt on additional technology solutions without having to build the architecture from the ground up.”
Supporting New Zealand’s shift to real-time payments
The move comes as the Reserve Bank advocates for faster adoption of real-time payment systems across the country.
A study commissioned by ACI and Payments NZ suggested that introducing a domestic real-time payments scheme could significantly boost New Zealand’s economy, potentially adding $271 million in growth by 2027.
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