Payments Network Malaysia (PayNet), the national payments network and central infrastructure provider, has implemented DuitNow, Malaysia’s Real-Time Payments Platform (RPP) using ACI’s UP 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 mobile phone numbers, identity card or passport numbers, and business registration numbers.
The service aims to displace cash with convenient 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 new payments services, including QR Payments as well 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 DuitNow’s extended message payload that allows DuitNow payment messages to carry information needed to complete business transactions.
“RPP and DuitNow are the foundation for payments transformation in Malaysia, which is aimed at modernising the e-Payments ecosystem and driving innovation for the country’s more than 31 million residents,” comments Peter Schiesser, Group CEO, PayNet.
“PayNet’s vision goes beyond just Malaysia – we aim to build links across the ASEAN region to enable cross-border instant credits and P2P payments, with an initial focus on our neighbouring countries.”
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