24 January 2018
visit http://response.ncr.com

Malaysia's eKSB implements 'Islamic Payment Switch'

12 July 2007  |  8267 views  |  0 ACI

Malayasian pilgrims to Mecca during Haj and Umrah will be able to withdraw money from ATMs, while still complying with Shariah law, following a deal between e-Kencana Sdn Bhd (eKSB), the national electronic wallet operator in Malaysia, Saudi-based Al Rajhi Bank and ACI Worldwide.

ACI says that eKSB will implement its payments engine, Base 24, as well as Card Management System and Smart Chip Manager, to implement a Syariah-compliant Islamic Payment Switch (IPS). Shariah law prohibits the collection or payment of interest.

EKSB operates Malaysia's national e-purse scheme, MEPS Cash, for which customers are issued ATM cards. For the IPS initiative, eKSB has partnered with Al Rajhi Bank, a Saudi Arabia-based firm with a presence in Malaysia, to provide prepaid cards. EKSB will host the payment switch in Malaysia.

The cards will enable electronic fund transfers between Malaysia and Saudi Arabia so that pilgrims can easily access their money.

The Base 24 system will be used to authorise and route transactions, allowing eKSB to deliver services through ATMs, kiosks and self service devices. Pre-paid debit cards will be produced and managed using ACI's Card Management System and Smart Chip Manager.

The bank says that it intends to offer the IPS service to non-customers in the future.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

National Savings Bank of Sri Lanka live with ACI's Base24-es

National Savings Bank of Sri Lanka live with ACI's Base24-es

24 August 2006  |  8151 views  |  0 comments
Al Rajhi Bank selects ACI software for EMV roll out

Al Rajhi Bank selects ACI software for EMV roll out

22 May 2006  |  9700 views  |  0 comments
Global electronic payment volumes to double by 2010

Global electronic payment volumes to double by 2010

04 May 2006  |  9622 views  |  0 comments
Al Rajhi Bank signs for Diebold biometric ATMs

Al Rajhi Bank signs for Diebold biometric ATMs

20 March 2006  |  11013 views  |  0 comments
Al Rajhi Bank deploys Level Four ATM testing tools

Al Rajhi Bank deploys Level Four ATM testing tools

08 March 2006  |  9422 views  |  0 comments
ATMs ease sacrificial ritual

ATMs ease sacrificial ritual

10 January 2006  |  6058 views  |  0 comments

Related company news

 

Related company information

ACI Worldwide

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.capgemini.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
9828 views comments | 38 tweets | 48 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
9512 views comments | 14 tweets | 14 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
8547 views comments | 17 tweets | 11 linkedin
Could distributed ledgers restore the reputation of the MBS market?Could distributed ledgers restore the repu...
7061 views comments | 6 tweets | 9 linkedin
Metro Bank joins digital revolution with instant online account openingMetro Bank joins digital revolution with i...
7044 views comments | 13 tweets | 25 linkedin

Featured job

Competitive base + commission (double OTE)
London, UK

Find your next job