ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, announced today that Payments Network Malaysia Sdn Bhd (PayNet) has implemented Malaysia’s Real-Time Retail Payments Platform (RPP) using ACI’s UP Real-Time Payments solution.
The PayNet is the national payments network and central infrastructure provider.
“ACI is proud to partner with PayNet to address the changing needs of the Malaysian payments ecosystem as it evolves and matures, positioning the country as a regional and global payments leader as the trend from cash-based transactions to cashless societies gathers pace,” said Leslie Choo, Managing Director, Asia, ACI Worldwide.
The first service offered to the public under the platform is an instant credit transfer with a national addressing database that links mobile numbers and national ID numbers to account numbers.
Officials say the service allows bank customers to send money instantly and securely to accounts that are addressed by easily known identifiers, such as mobile phone numbers, identity card or passport numbers, and business registration numbers.
The service aims to displace cash with simple and convenient internet and mobile payments, and has the potential to transform Malaysia’s payments ecosystem with immediate 24×7 funds availability.
Following the launch of the services, PayNet and ACI are focused on the progressive introduction of new payments services, including QR Payments as well as Request-to-Pay, e-Mandates and Real-Time Debit, which are expected to transform how businesses collect payments in Malaysia.