Philippines Security Bank embarks on payments modernisation

Philippines Security Bank embarks on payments modernisation
Image Credit: Security Bank

Partners with ACI Worldwide.

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Security Bank Corporation, one of the Philippines' leading universal banks is modernising its payments infrastructure with digital payment software solutions provider ACI Worldwide. 

Security Bank is a 70-year-old private domestic bank with 316 branches and over 700 ATMs across the country. 

The partnership will see the bank using ACI's real-time payment solutions to accelerate its digital transformation journey. 

Security Bank’s Channels Network Group Head and senior vice president, Stephen John Bell, said the bank required a scalable technology platform that could be modified as per customers' demands. 

ACI will provide the bank with “full” payment hub capabilities for low- and high-value payments, including payment processing, domestic scheme gateways and standards on a single platform.

“ACI’s cloud-native real-time payment platform and its flexible, modern architecture will help us deliver secure services across consumers, merchants and corporate payments with new payment types,” he added. 

According to ACI Worldwide's 2022 Prime-Time for Real-Time report, the volume of real-time payments in the Philippines continues to grow, with banks encouraging new domestic use cases and domestic fintechs emerging in the market.

Security Bank also aims to introduce new products and services to customers faster and add new payment alternatives “cost-effectively” to its existing core infrastructure, Bell said. 

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