Rabobank will use ACI Issuer to update the management of its card portfolio business. The solution enables the expedited issue of new payment products, including tokenised payments. The partnership is the most recent of a long history of cooperation between the two entities.
At present, there are fewer streams for revenue for card issuers as a result of the rapid pace of change in payments and limits on interchange fees. Hence, the partnership was partly motivated to establish new revenue streams.
ACI’s solution, in addition to the above-name characteristics, supports multiple card programmes and product types, gives a consolidated view of customer transactions via a sole database, supports national, international, and global financial institutions, has multi-currency and multi-language capabilities, and manages all card types.
Erik Kwakkel, executive vice president for payment services at Rabobank, said the partnership will help the multinational bank modernise its global card portfolio business as a part of its long-term plan to revamp the bank into an “agile, future-proofed institution”. The collaboration will also allow the bank to save more money and introduce new products concurrently, which will drive revenues and increase customer loyalty.
ACI Worldwide group president Mandy Killam echoed Kwakkel’s statement by saying that the partnership gives the bank “the flexibility and agility to succeed in a changing and competitive environment”, and set-up new revenue streams, along with expanding their reach geographically.
Currently, Rabobank uses a number of ACI’s products and solutions, including UP Immediate Payments, which assists in preparing the bank for open banking and instant payments.