Malaysia gets real-time payments with ACI Worldwide
Payments Network Malaysia (PayNet), the central infrastructure provider, has implemented Malaysia’s Real-Time Retail Payments Platform (RPP) using ACI Worldwide’s UP solution, a project that has been a long time in the making.
Malaysia gets real… time payments
The first service offered to the public under the platform is DuitNow, an instant credit transfer with a national addressing database that links mobile numbers and national ID numbers to account numbers.
DuitNow allows bank customers to send money to accounts that are addressed by identifiers, such as mobile phone numbers, identity card or passport numbers, and business registration numbers.
The service aims to displace cash with internet and mobile payments, to transform Malaysia’s payments ecosystem with immediate funds availability.
“PayNet’s vision goes beyond just Malaysia – we aim to build links across the ASEAN region to enable cross-border instant credits and P2P payments, with an initial focus on our neighbouring countries,” says Peter Schiesser, group CEO, PayNet.
Following the launch of DuitNow, PayNet and ACI are now focused on the progressive introduction of new payments services, including QR payments as well as request-to-pay, e-mandates and real-time debit.
Corporate customers will get DuitNow’s extended message service that can carry information needed to complete business transactions.
