Erste Bank Hungary (EBH) has decided to deploy ACI Worldwide’s UP portfolio of payment solutions to drive its open banking strategy, support new revenue channels and fully meet PSD2 and instant payments compliance requirements.

The technology vendor said that Hungarian lender will implement its UP Retail Payments solution, which will enable the bank to make sure that real-time balance data is available round the clock to all customers across all banking channels.

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The ability to provide such balances is a crucial compliance requirement for Hungary’s domestic instant payment scheme, which is scheduled to be rolled out in 2019.

Additionally, EBH will use the latest version of Proactive Risk Manager (PRM) and deploy real-time prevention and detection capabilities to comply with PSD2 and boost fraud protection around instant payments.

PRM will be completely maximised, particularly for transaction risk analysis and reporting requirements with respect to the new Regulatory Technical Standards (RTS) for ‘Strong Customer Authentication’ (SCA).

PSD2 mandates payment service providers (PSPs) to strengthen the authentication of payment transactions to deal with fraud by introducing ‘Strong Customer Authentication’ measures.

ACI said that PRM ultimately will improve EBH’s enterprise fraud detection capabilities while enabling the bank to offer a better customer experience to both consumer and corporate customers.

ACI Worldwide group president Mandy Killam said: “Our solutions ensure that financial institutions can take advantage of the new opportunities PSD2 and real-time payments present, by delivering openness while also ensuring the highest levels of privacy, data protection, and fraud protection for their clients.”

Erste Bank Hungary COO Tamás Foltányi said: “Our bank faced the dual challenge of meeting a very tight in-country deadline for Instant Payment go-live dates, while driving its digital transformation strategy at the same time.

“ACI’s solutions will ensure our bank fully complies with new European regulations and will also enable us to drive additional revenue by rapidly delivering innovative products that meet our customers’ demands.”