Jan. 14, 2019
ACI Worldwide said that Malaysia’s DuitNow real-time payments service, which allows consumer and businesses to make instant funds transfers using a mobile number or national ID number, has launched using the company’s UP Real-Time Payments solution, in a company release.
The Naples, Florida-based firm said that Payments Network Malaysia Sdn Bht [PayNet] has implemented the country’s Real-Time Retail Payments Platform [RPP] using the company’s technology, which has been used to power real-time payments at banks across the world, according to the release.
"These are value added services that will increase the use of real-time payments across the country," Craig Ramsey, vice president, head of real-time payments at ACI, said in an email. "It will add new products that banks, merchants and customers can use to speed up payments in Malaysia and will make it one of the most advanced payments economies in the world."
ACI said it is working with PayNet to introduce additional capabilities, including QR payments, Request-to-Pay, e-Mandates and Real-Time Debit payments. ACI said the service will also allow corporate customers benefit from the ability to have messages sent to help complete business transactions.
PayNet CEO Peter Scheisser said in the announcement that it plans to go beyond Malaysia to bring cross-border instant payments and P2P to other ASEAN countries, "with an initial focus on our neighboring countries," according to the release.
PayNet did not disclose which neighboring countries were next on the list, but in March 2018 the company disclosed that it was in negotiations with Singapore and Thailand on linking them to the payments network.
A spokesperson for PayNet pointed to a previous announcement that said 14 initial banks were participating in the DuitNow system, with another 17 banks scheduled to join the network. The real-time payments service allowed users to pay up to RM5,000 [$1,218] without a fee.
Topics: Mobile Apps, Mobile Banking, Money Transfer / P2P, Region: APAC, Technology Providers, Transaction Processing
Companies: ACI Worldwide
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