ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, has made an undisclosed investment in Mumbai-based Mindgate Solutions, reported ET.
The investment has been made in order to deliver a joint real-time payments solution that will combine ACI’s proven Universal Payments software solutions with Mindgate’s digital overlay services.
Also, the advanced, end-to-end real-time payments solution will be offered to banks, financial intermediaries and merchants in India and other international markets via an on-premise, public cloud or hosted model.
Overall, this investment will provide Mindgate with the ability to expand its footprint globally.
“India is ahead of the curve in this space and we will build tools and take those global,” said Kaushik Roy, vice president and country leader, South Asia, ACI Worldwide.
ACI Worldwide is a payment systems company headquartered in Naples, Florida. It was founded by James Cody, Dave Willadsen, and Dennis Gates in 1975 as Applied Communications Inc.
It develops a broad line of software focused on facilitating real-time electronic payments
While, Mindgate Solutions is a key global player in payments technology and transaction processing, founded in 2008 and headquartered in Mumbai with regional technology centers in Singapore, Dubai and San Francisco.
It counts as India’s leading digital payments company as well as the country’s market leader in processing UPI (Unified Payments Interface) transactions.
Mindgate software processes 30 million digital transactions globally every day, and 70 percent of UPI transactions are currently routed through Mindgate-customer banks.
By 2023, experts predict 60 billion UPI transactions annually, accounting for more than 50 percent of India’s digital payments transactions.