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Malaysia shifts to real time payments platform

Malaysia has moved to a real-time retail payments platform and launched an instant credit transfer service—DuitNow, that links mobile number and national ID numbers to account numbers.

The national payments network and central infrastructure provider, Payments Network Malaysia Sdn Bhd (PayNet) has implemented the UP Real-Time Payments solution by ACI Worldwide.

“The launch of DuitNow marks a significant milestone in Malaysia’s real-time transformation – one that has required close collaboration not only between ACI and PayNet, but also with more than a dozen member banks that are bringing these new services to the public,” said Leslie Choo, managing director, Asia, ACI Worldwide.

ACI Worldwide is a universal payments company that powers electronic payments for over 5100 organizations. Of these, more than 1000 clients are financial institutions and intermediaries.

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,” said Peter Schiesser, group chief executive officer, PayNet.

Bank Negara Malaysia is PayNet’s single largest shareholder, while 11 major financial institutions are joint shareholders.

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.

Going forward, Paynet and ACI also plan to launch new payments services, including QR Payments as well as Request-to-Pay, e-Mandates and Real-Time Debit targeted at businesses for payment collection in Malaysia.

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