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January 14, 2019

Malaysia powers real-time payments platform using ACI Worldwide

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.

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.

“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.”

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