Malaysian real-time payments platform
14 November 2017
Malaysia is to rollout a real-time retail payment platform (RPP) before the end of the year and launch instant credits next year.
This will be followed by person-to-person (P2P) payments via mobile phone, identity card or business registration identifiers in 2018 and other functionality such as Request-to-Pay for e-commerce websites. The potential for cross-border P2P links to Thailand and Singapore is also being explored.
Payments Network Malaysia (PayNet), the national financial market infrastructure provider set up in August 2017 will be responsible for the build. It has contracted to use ACI’s UP Immediate Payments package as the backbone technology for the project.
Commenting on the announcement in a statement, Peter Schiesser, group CEO, PayNet, said: “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.”
PayNet was formed by the merger of the central bank’s Malaysian Electronic Clearing Corporation (MyClear) subsidiary with Malaysian Electronic Payment System (MEPS) in the summer. It is tasked with developing Malaysia’s payments ecosystem.
In the statement it said it ‘sees RPP is as a strategic initiative to modernise Malaysia’s retail payments infrastructure, drive innovation in electronics payments and bring the benefits of immediate payments to all participants in the payments ecosystem, including banks, payment institutions, businesses, consumers and the government’.