Malaysia contracts with ACI Worldwide for real-time payments platform
13 November 2017 | 4244 views | 0
Malaysia is to implement a real-time payments network with the potential for cross-border P2P links to Thailand and Singapore.
Payments Network Malaysia (PayNet), the national financial market infrastructure provider established in August 2017, has firmed up plans to build the country's Real-time Retail Payments Platform (RPP) using ACI’s UP Immediate Payments package as the backbone technology for the project.
In 2017, PayNet will set up the Core RPP infrastructure, while 2018 will see the launch of Instant Credits, Request-to-Pay for e-commerce and person-to-person (P2P) via the use of mobile phone contacts, National Registration Identity Card (NRIC) numbers, or business registration identifiers.
Peter Schiesser, group CEO, PayNet, says: “Among the innovative new products in our pipeline is instant cross-border payments where sending payments regionally and globally would be as quick and easy as sending a text message. We are in discussions with our counterparts in Thailand and Singapore to bring this exciting new service to life.”
ACI actively participates in a host of national instant payment schemes, including the UK's Faster Payments, the EBA's pan-European Sepa platform, Singapore Fast and the Australian NPP.