PayNet to Adopt ACI’s Solution for Real-Time Retail Payments Platform

National financial market infrastructure provider, Payments Network Malaysia (PayNet), will be building the country’s Real-time Retail Payments Platform (RPP) using ACI’s UP Immediate Payments Central Infrastructure (CI) solution.

PayNet is a result of the merger between Bank Negara Malaysia’s wholly-owned subsidiary Malaysian Electronic Clearing Corporation (MyClear), with Malaysian Electronic Payment System (MEPS) in August 2017. Tasked with developing the nation’s payments ecosystem, RRP is PayNet’s initiative to modernise Malaysia’s retail payments infrastructure. The initiative aims to drive innovation in electronic payments, bringing benefits of immediate payments to all participants in the payments ecosystem, including banks, payment institutions, businesses, consumers, and the government.

PayNet opted for ACI’s UP Immediate Payments Central Infrastructure (CI) solution due to its flexibility as a platform to build transformative payment capabilities, as well as its potential to serve as an enabler for innovative new payment products. PayNet is currently building the Core RPP infrastructure. Next year, the company aims to launch Instant Credits, Request-to-Pay for e-commerce, and person-to-person (P2P) Payments with Proxy Address Resolution, enabling payments to be addressed seamlessly using mobile numbers, National Registration Identity Card (NRIC) numbers, or business registration numbers.

“ACI’s UP Immediate Payments provides the flexibility and agility that PayNet needs to continue innovating and improving the value proposition of electronic payments. Our ability to rapidly bring to market the payment products of the future is essential to keep abreast with the fast pace of change in the e-Payments market,” said Mr Peter Schiesser, Group CEO, PayNet. “Among the innovative new products in our pipeline is instant cross-border payments where sending payments regionally and globally would be as quick and easy as sending a text message. We are in discussions with our counterparts in Thailand and Singapore to bring this exciting new service to life.”

Leslie Choo, Vice President & GM, Asia, ACI Worldwide, commented, “ACI is committed to developing a powerful and flexible real-time electronic payments platform for PayNet, which will benefit Malaysian consumers, financial institutions and businesses, and position the country as a leader within the larger regional and global payments marketplaces.”

“Unlike the client-vendor relationship that characterises many fintech transactions, we are working in close partnership with PayNet in a way that has empowered the ACI team to leverage our depth of experience in payments and provide valuable consultation,” continued Choo. “As a result, PayNet will benefit from a highly agile solution that will be responsive to future needs as the Malaysian payments ecosystem evolves and matures, with cross-border connectivity to other real-time payment systems around the globe.”


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