NAPLES, FLA.—July 30, 2018—ACI Worldwide (NASDAQ: ACIW), a leading global provider of realtime electronic payment and banking solutions, and Financial Software & Systems Private Limited (FSS), a leader in payments technology and transaction processing, offering a diversified portfolio of software products, hosted payment services and software services, have announced that the two companies have amicably resolved their differences and disputes related to the use of ACI’s Products (more specifically BASE24 software) by way of a settlement agreement dated 30 June 2018 ("Settlement Agreement").
Under the terms of this settlement, FSS and its affiliates are entitled to continue to provide FSS’s existing customers with services such as customization, implementation, and testing (including services using ACI’s BASE24 software) (“FSS Services”) until 30 June 2020. FSS and its affiliates may also provide FSS Services to new customers that are not currently availing services from FSS, subject to the terms of the Settlement Agreement.
“Since our inception—more than 40 years ago—we have been singularly committed to the long-term success of our customers. More than 1,000 financial institutions globally trust ACI to power their missioncritical payment systems,” said Craig Saks, COO, ACI Worldwide. “We are pleased by the resolution of the ACI and FSS dispute, and we look forward to working with customers to ensure that they continue to be successful with BASE24 technology going forward.”
"We are happy to have come to a positive resolution with ACI. We believe that this resolution will benefit the customers as they can continue to use the domain expertise of FSS and leverage FSS's capability to support ACI's BASE24," said Nagaraj Mylandla, Chairman & Managing Director of FSS.
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers’ premises or through ACI’s private cloud, we provide real-time, immediate payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
About Financial Software and Systems
Financial Software and Systems (FSS) is a leader in payments technology and transaction processing, offering a diversified portfolio of software products, hosted payment services and software services built over 27 years of comprehensive experience across payments spectrum.
FSS, through its innovative products and services, caters to the wholesale and retail payments initiatives of leading banks, financial institutions, processors, merchants, governments and regulatory bodies. Its endto-end payments suite powers retail delivery channels such as ATM, PoS, Internet, Mobile and Financial Inclusion as well as critical back-end functions such as cards management, reconciliation, settlement, merchant management and device monitoring.
Headquartered in Chennai, India, FSS services 100+ customers across the globe, which include leading public and private sector banks in India. Some of the large Banks, FIs, Processors and Prepaid Card issuers are customers of FSS across North America, UK/Europe, ME/Africa and APAC and FSS has a team of over 2500 people serving the clients across the globe.
FSSNeT, the hosted payment business of the company is the largest independent processor in India powering 6 million transactions per day, providing faster and smarter payment solutions to billions of people across 7000 villages and cities in India.
The wide range of services offered by FSS include ATM / POS switch services, ATM managed services, card issuance and management, POS services including mobile PoS and micro ATMs, internet payments, financial inclusion, mobile banking, wholesale payments and a multitude of value added services. To know more about FSS and its offerings, please visit www.fsstech.com or email to: mailto:email@example.com
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