HARARE – Zimswitch, Zimbabwe’s national electronic payments switch, has selected ACI Worldwide’s Fraud Management and Payments Intelligence solution to enhance security measures against payment fraud. The partnership aims to fortify Zimbabwe’s digital payment infrastructure while ensuring heightened protection for financial institutions and consumers.
Enhancing Digital Payment Security
Zimswitch’s decision reflects its commitment to safeguarding Zimbabwe’s payment ecosystem amid rising fraud threats. As the backbone of the country’s electronic payments, Zimswitch processes over 75% of all card-based transactions. The adoption of ACI Worldwide’s advanced fraud prevention system is expected to address vulnerabilities exploited by increasingly sophisticated cybercriminals.
“Zimbabwe is experiencing a surge in fraud threats as digital channels evolve,” Zimswitch said in a statement. “This collaboration with ACI reinforces our dedication to delivering high levels of security and fraud protection to meet the growing demands of the payment environment.”
A History of Collaboration
Zimswitch’s partnership with ACI Worldwide dates back to 2007 when it began utilising ACI’s payment processing solutions for retail transactions across multiple channels. The latest integration of ACI’s Fraud Management and Payments Intelligence solution marks a significant upgrade, aimed at simplifying payment processes, reducing fraudulent activities, and minimising financial losses.
Strategic Focus on the Digital Economy
The collaboration comes months after ACI Worldwide’s strategic agreement with Red Hat to deliver its Enterprise Payments Platform on cloud infrastructure. The initiative supports financial institutions in their migration to the cloud, aligning with the global shift towards a more digital economy.
Fighting Fraud in a Dynamic Landscape
Zimbabwe’s payment landscape is evolving rapidly, but the growth of digital channels has also led to increased fraud risks. Leveraging ACI’s technology, Zimswitch aims to create a secure and efficient payment system that addresses these challenges.
The new fraud management solution will integrate seamlessly into Zimswitch’s existing payment infrastructure and is expected to go live in early 2025.
A Step Towards Financial Security
The move underscores Zimswitch’s proactive approach to combating payment fraud and protecting consumers and financial institutions in Zimbabwe. As digital payments continue to grow, the partnership sets the stage for a safer and more resilient financial ecosystem in the region.
This initiative not only strengthens Zimbabwe’s payment security but also positions Zimswitch as a key player in driving innovation in financial technology across Africa.