Payments Network Malaysia (PayNet), the country’s national payments network, has utilised ACI Worldwide’s UP Real-Time Payments solution to deploy Malaysia’s Real-Time Retail Payments Platform (RPP).
Initially, the platform will offer a service dubbed DuitNow. The service will enable bank customers to instantly make fund transfers to accounts addressed by identifiers including mobile phone, identity card and passport numbers.
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Corporate customers can avail DuitNow’s extended message payload, which will contain information required to complete business transactions.
ACI managing director for Asia Leslie Choo said: “The launch of DuitNow marks a significant milestone in Malaysia’s real-time transformation – one that has required close collaboration not only between ACI and PayNet, but also with more than a dozen member banks that are bringing these new services to the public.”
The two firms gradually intend to launch new payments services such as QR payments, Request-to-Pay, e-Mandates and Real-Time Debit.
PayNet Group CEO Peter Schiesser said: “RPP and DuitNow are the foundation for payments transformation in Malaysia, which is aimed at modernising the e-Payments ecosystem and driving innovation for the country’s more than 31 million residents.
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By GlobalData“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.”
