ACI powers Malaysia’s real-time payments network plan
Kuala Lumpur, Malaysia
Payments Network Malaysia (PayNet), the national financial market infrastructure provider, will build Malaysia’s real-time retail payments platform (RPP) using ACI Worldwide’s UP Immediate Payments solution.
RPP is an initiative to modernise the country’s infrastructure to all participants in the ecosystem, including banks, institutions, businesses, consumers and the government.
PayNet resulted from the merger of Bank Negara Malaysia’s (the central bank) wholly-owned subsidiary, Malaysian Electronic Clearing Corporation (MyClear), with Malaysian Electronic Payment System (MEPS), in August 2017.
Peter Schiesser, group CEO, PayNet, says ACI’s solution provides “flexibility and agility” and “among the innovative new products in our pipeline is instant cross-border payments where sending payments regionally and globally would be as quick and easy as sending a text message”.
He adds that it is in discussions with its counterparts in Thailand and Singapore to bring this new service to life.
This year, PayNet will build the core RPP infrastructure, while 2018 will see the launch of instant credits, request-to-pay for e-commerce and person-to-person (P2P) payments with proxy address resolution. This will allow payments to be addressed by mobile numbers, National Registration Identity Card (NRIC) numbers, or business registration numbers.
