National Banking Switch in Kuwait Celebrates 15 Successful Years with ACI Worldwide
(New York, N.Y. – 15 April 2008) – ACI Worldwide (NASDAQ: ACIW), a leading international provider of software for electronic payment systems, is celebrating 15 years working with Knet, the national banking switch in Kuwait. The long time BASE24® customer uses a variety of ACI software solutions to manage Kuwait’s ATM banking network, deliver point of sale services and manage online debit card transactions.
Knet, the Shared Electronic Banking Services Company (KSCC), is connected to other Gulf Co-operation Council (GCC) switches through GCC NET to offer local currency cash withdrawal, balance enquiries and ATM transactions in Saudi Arabia, United Arab Emirates, Qatar, Bahrain and Kuwait. In the fiscal year ended 31 October 2007, Knet used ACI software to process 12.7 million ATM transactions for its member banks, an increase of 10 percent from the previous year. During the same period, POS transactions reached 31.4 million, up 27 percent from the previous year.
Hasan Akbar, general manager at Knet said, “The value that Knet delivers to banks, businesses and consumers in Kuwait is growing as demand for our services increases. We are able to deliver solutions to our member banks through the valuable support of ACI. We have worked with ACI for 15 years and have seen first hand how the company is committed to delivering reliable and scalable solutions that we can customise to meet our needs. The company’s understanding of our market, especially around compliance demands, makes ACI a valuable partner.”
Daryl Berg, regional sales manager at ACI Worldwide said, “Knet’s systems must deliver continuous availability to its member banks, especially given the regional growth in ATM and POS transactions. We are delighted that Knet is able to rely on technology from ACI to deliver strategic, scalable solutions to meet its business needs.”
About Knet
Knet is committed to identify and adopt state of the art technology in the various fields of electronic banking and therefore rendering solutions and services of the highest standards to member banks and to the banking community in Kuwait. We, at Knet, are constantly seeking to maximize accuracy, efficiency and security of the financial transactions of our customers. Knet serves all of the banks operating in Kuwait and extends its services to offer their clients the opportunity to benefit from electronic banking services in the GCC countries as part of the GCC network connection. Visit Knet at www.knet.com.kw.
About ACI Worldwide, Inc.
ACI Worldwide is a leading provider of electronic payments software and services to major banks, retailers and processors around the world. The company's solutions enable online payment processing, online banking, fraud prevention and detection, and back office services such as settlement, account management, card management and dispute processing. ACI solutions provide market-leading levels of reliability, manageability and scale to over 800 customers in 88 countries. Visit ACI Worldwide at www.aciworldwide.com.
Any statements in this press release regarding projected results are preliminary and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, this press release may contain other forward-looking statements including statements regarding ACI Worldwide Incorporated, its subsidiaries or third parties’ expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect. The forward-looking statements in this press release are subject to a variety of risks and uncertainties. Actual results could differ materially.
For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K filed on January 30, 2008, the Company’s Form 10-Q filed on February 19, 2008, both as amended by the Form 10-K/A and Form 10-Q/A, respectively, filed on March 4, 2008.
