Malaysia’s Real-Time Payments Launches with ACI Worldwide
ACI Worldwide has announced that Payments Network Malaysia (PayNet), the national payments network and central infrastructure provider, has implemented Malaysia’s Real-Time Retail Payments Platform (RPP) using ACI’s UP Real-Time Payments solution. The first service offered to the public under the platform is DuitNow, an instant credit transfer with a national addressing database that links mobile numbers and national ID numbers to account numbers.
DuitNow allows bank customers to send money instantly and securely to accounts that are addressed by easily known identifiers, such as business registration numbers, mobile phone numbers, identity card or passport numbers. The service aims to displace cash with internet and mobile payments, and has the potential to transform Malaysia’s payments ecosystem with immediate 24×7 funds availability.
Following the launch of DuitNow, PayNet and ACI are now focused on the progressive introduction of other payments services, such as Request-to-Pay, e-Mandates and Real-Time Debit, which are expected to transform how businesses collect payments in Malaysia. Corporate customers will also benefit from the platform’s extended message payload that allows DuitNow payment messages to carry information needed to complete business transactions.