ACI Worldwide, based in Miami, Florida, recently contributed to Indonesian interbank ALTO’s most recent transition to digital card-based transactions and fraud prevention efforts.
“The partnership with ACI will help ALTO navigate a complex and changing payments landscape, while simultaneously addressing the growing need for resilient domestic and global interoperability,” managing director, Asia Pacific at ACI, Leslie Choo, said in a press release.
Operating one of Indonesia’s largest payment networks, ALTO depends on ACI for card-based transaction switching and fraud prevention solutions, according to a press release. Specializing in real-time payments softwares, ACI supports the country’s first national real-time payment system, BI-FAST. The technology was introduced as Indonesia becomes the latest Southeast Asian country to upgrade its payment infrastructure and grow its digital economy nationwide.
“Real-time payments are radically altering the way we view and respond to cybercrime and financial fraud. And the sophistication of the threat requires a modern, proactive approach,” Choo said in a release. “Real-time threats require real-time data, analytics, security and response—and that’s what ACI’s solutions provide to ALTO.”
The services are said to offer greater security for local users amid a surge of demand for digital payments. The growing trend, however, has also made it difficult to detect fraudulent activities. Digital payments have become vulnerable to cyber attacks, giving attackers the opportunity to profit faster.
The growth of the payment method has also resulted in an acceleration in transaction volumes, leading the company to seek data monitoring services. The collaboration also helps ALTO keep its regulatory requirements and innovative tech growth for the transition to digital payments, and the future local developments of the BI-FAST national payment gateway.
“Staying real and relevant is our primary concern, given the complexity and speed of change in payments,” said Patricco Baron, chief of product and innovation officer, ALTO. “Cybersecurity remains an ongoing investment and evolution for us as we look to futureproof our business with the latest and best-in-class solutions to keep us and our customers protected. Together with ACI, we aim to ensure our customers remain in the safest of hands.”