Paynet to build Malaysia’s real-time retail payments platform

KUALA LUMPUR: ACI Worldwide yesterday announced that Payments Network Malaysia (PayNet) will build Malaysia’s real-time retail payments platform (RPP) using ACI’s UP Immediate Payments Central Infrastructure solution.

RPP is PayNet’s strategic initiative to modernise Malaysia’s retail payments infrastructure, drive innovation in electronic payments and bring the benefit of immediate payments to all participants in the payments ecosystem, including banks, payment institutions, businesses, consumers and the government.

PayNet Group chief executive officer Peter Schiesser said PayNet said ACI’s UP Immediate Payments would provide the flexibility and agility that PayNet needed to continue innovating and improving the value proposition of electronic payments.

While saying that the core RPP infrastructure would be built this year, he said 2018 would see the launch of instant credits, requestto-pay for e-commerce and personto-person payments with proxy address resolution to address payments using mobile numbers, national registration identity card numbers or business registration numbers.

Among the innovative products in the company’s pipeline is the 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 new service to life,” he added.