ACI Provides Fraud Protection To Kuwait Banks

ACI Worldwide, a provider of real-time electronic payment and banking company, announced Wednesday (Jan. 4) that it expanded its relationship with the Shared Electronic Banking Services Company (KNET) in Kuwait in which it will use ACI Worldwide’s payment risk management service. With it, KNET can offer its member banks fraud protection.

In a press release, ACI Worldwide said KNET, which is owned by 11 banks in Kuwait and operates the Kuwaiti national payments switch, will use ACI’s ACI Proactive Risk Manager to monitor customers’ banking activities in real time, including acquiring channels and ATM, point-of-sale and eCommerce transactions. KNET will also use the tool to monitor domestic and international transactions across the network. ACI Worldwide will also deliver ongoing fraud prevention consultancy to KNET.

“A critical priority for the KNET member banks across Kuwait is to provide an advanced fraud prevention solution that leverages real-time technology to protect our clients and the millions of customers they serve,” said Abdulla Al-Ajmi, CEO of KNET, in the press release. “With the implementation of ACI Proactive Risk Manager, we are confident that we will be able to significantly enhance our current fraud monitoring capabilities and deliver an improved customer experience.”

Proactive Risk Manager is part of ACI’s UP Payments Risk Management solution and leverages ACI’s UP Framework, which is a set of technologies that handles all aspects of payment processing for any payment type, any channel, any currency and any network, ACI said in the release.

“KNET’s selection of Proactive Risk Manager highlights the need for sophisticated integration of fraud services to protect customers across all payment types in a consistent fashion,” said Andreas Suma, vice president of global fraud and data of ACI Worldwide. “As fraud and payments are increasingly interwoven, the interoperability between ACI’s PRM fraud engine and our market-leading BASE24-eps payment engine provides universal protection for all payments in a unique multichannel, real-time environment.”