Zimswitch will utilize ACI Fraud Management and Payments Intelligence to combat fraud in Zimbabwe
By Celestine Okorie, Bureau Chief, Southern Africa
An original innovator in global payments technology, ACI Worldwide today announced that Zimswitch, Zimbabwe’s national electronic payments switch and a leading payments technology company, has chosen ACI’s Fraud Management and Payments Intelligence solution to enhance its fraud prevention and management capabilities. Through this implementation, Zimswitch aims to bolster the security of Zimbabwe’s digital payment infrastructure and provide an elevated level of protection and security for financial institutions and consumers.
Zimswitch connects a network of banks, financial institutions and mobile platforms to facilitate fast, secure and seamless electronic payment across the country through a robust and efficient payment infrastructure. In 2020, the Reserve Bank of Zimbabwe designated Zimswitch as the national payment switch. The company processes more than 75 per cent of all card-based transactions in Zimbabwe, reflecting the country’s increasing adoption of electronic payments.
“With electronic payments becoming ubiquitous, Zimbabwe faces escalating fraud threats as bad actors exploit new digital channels with sophisticated tactics to target vulnerabilities in rapidly growing digital payment channels,” said CEO of Zimswitch Zabron Chilakalaka. “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.”
Zimswitch has been an ACI customer since 2007, leveraging ACI’s comprehensive suite of payment processing solutions supporting end-to-end retail transactions across multiple channels and payment types. 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.
“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,” said
Senior vice president of MEASA, ACI Worldwide Santhosh Rao,. “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.”
