Malaysia Introduces Global Payments Platform

Malaysia Introduces Global Payments Platform

Malaysia is reportedly going to implement a real-time payments network that relies on ACI`s UP Immediate Payments Central Infrastructure solution.

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Malaysia is reportedly going to implement a real-time payments network that relies on ACI`s UP Immediate Payments Central Infrastructure solution.

Payments Network Malaysia (PayNet), the national financial market infrastructure provider, has plans to build the country`s Real-time Retail Payments Platform (RPP) using ACI`s UP Immediate Payments package, as stated in their press release. The project could potentially make possible cross-border P2P links to Thailand and Singapore.

“We are in discussions with our counterparts in Thailand and Singapore to bring this exciting new service to life“, said  Peter Schiesser, group CEO, PayNet who spoke to the online media. Scheisser added that one of their products is instant cross-border payments, where sending money regionally and globally would be as quick and easy as sending a text message.

On the other hand, ACI is said to participate in several national instant payment schemes like the UK`s Faster Payments, the EBA`s pan-European Sepa platform, as well as Singapore Fast and the Australian NPP.

The Core RPP infrastructure will be launched in 2017, while the other services like Instant Credits, Request-to-Pay for e-commerce and person-to-person (P2P) by the use of mobile phone contacts, National Registration Identity Card (NRIC) number, or business registration identifiers, will be available in 2018.

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