Paynet: Real-Time P2P Payments with Your NRIC in 2018by Vincent Fong November 13, 2017
ACI Worldwide, a global provider of real-time electronic payment and banking solutions, today announced that Payments Network Malaysia (PayNet), the national financial market infrastructure provider, will build Malaysia’s Real-time Retail Payments Platform (RPP) using ACI’s UP Immediate Payments solution.
RPP is PayNet’s strategic initiative to modernize Malaysia’s retail payments infrastructure, drive innovation in electronics payments and bring the benefits of immediate payments to all participants in the payments ecosystem, including banks, payment institutions, businesses, consumers and the government.
In 2017, PayNet has developed 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 seamlessly by mobile numbers, National Registration Identity Card (NRIC) numbers, or business registration numbers.
“ACI’s UP Immediate Payments provides the flexibility and agility that PayNet needs to continue innovating and improving the value proposition of electronic payments. Our ability to rapidly bring to market the payment products of the future is essential to keep abreast with the fast pace of change in the e-Payments market,”
said Mr Peter Schiesser, Group CEO, PayNet.
Tasked with developing Malaysia’s payments ecosystem, PayNet is a result of the merger of Bank Negara Malaysia’s (Central Bank of Malaysia) wholly-owned subsidiary, Malaysian Electronic Clearing Corporation (MyClear), with Malaysian Electronic Payment System (MEPS), in August 2017.
Featured image via Pixabay