CHENNAI, India, Aug. 9, 2018 /CNW/ - ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time 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, 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' 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 mission critical 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 customers as they can continue to use the domain expertise of FSS and leverage FSS capability to support ACI's BASE24," said Nagaraj Mylandla, Chairman & Managing Director, 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 http://www.aciworldwide.com. You can also find us on Twitter @ACIWorldwide.
About Financial Software and Systems
FSS, a leader in payments technology and transaction processing, offers a diversified portfolio of software products, hosted payment services and software services built over 27 years of experience. Its end-to-end payments suite powers retail delivery channels such as ATM, PoS, Internet, Mobile as well as critical back-end functions -- cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in India, FSS services 100+ customers, including Tier One banks, FIs, Processors and Prepaid Card issuers in India, USA, Europe, MEA and APAC. Visit http://www.fsstech.com for more.
© Copyright ACI Worldwide, Inc. 2018.
ACI, ACI Worldwide, ACI Payment Systems, the ACI logo, ACI Universal Payments, UP, the UP logo, ReD, PAY.ON and all ACI product names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners.
Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI's sole discretion. ACI is providing the following information in accordance with ACI's standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision.
SOURCE Financial Software and Systems (FSS)