Malaysia’s DuitNow Real-Time Payments Service Sets up with ACI Technology

ACI Worldwide indicated that DuitNow real-time payments service that enables shopper and organizations to do instant funds transfers utilizing a national ID number or mobile number, has initiated utilizing the organization’s UP Real-Time Payments solution, in a company press release.

The Florida-based firm, The Naples, stated that Payments Network Malaysia Sdn Bht [PayNet] has executed the nation’s RPP (Real-Time Retail Payments Platform) utilizing the organization’s technology that has been utilized to control real-time payments at banks all over the world, as indicated in the press release.

Head and vice president of real-time payments at ACI, Craig Ramsey, indicated in an email that these are value-added services which will expand the utilization of real-time payments all over the nation. It would include new items that banks, dealers and consumers could use to accelerate payments in Malaysia as well as will make it a standout amongst the most progressive payments economies worldwide.

ACI said it is functioning with PayNet to present extra capabilities, including Request-to-Pay, QR payments, Real-Time Debit payments, and e-Mandates. ACI said the service would likewise permit corporate clients to benefit by the capacity to have messages sent to aid finish business transactions.

Peter Scheisser, PayNet CEO said in the declaration that it intends to go past Malaysia to bring in cross- border instant payments as well as P2P to other ASEAN nations, with an underlying spotlight on the neighboring nations, as per the press release.

PayNet did not uncover which neighboring nations were following up, yet the company in March 2018 unveiled that it was in negotiations with Thailand and Singapore on connecting them to the payments network.

A representative for PayNet indicated a past declaration that said 14 first banks were taking an interest in the DuitNow system, with a different 17 banks planned to join the system. The real-time payments service enabled clients to pay up to RM5,000 [$1,218] without a charge.

ACI has an unmatchable worldwide client base of payment service providers and financial institutions utilizing its UP Immediate Payments solution. The solution, in the UK, has been utilized by financial institutions to get to the UK Faster Payments scheme as its introduction in 2008. Presently in excess of 50% of the scheme’s payments are being prepared by ACI arrangements. Furthermore, ACI has clients utilized UP Immediate Payments to get to the Australian NPP and Singapore FAST (New Payments Platform).

Suyog Keluskar

Suyog Keluskar is an experienced Market Research, Customer Insights & Consulting professional, covering latest industry and market updates on Electronics, Semiconductor and ICT domain. With over ten years of experience in business/market research, Suyog delivers customer-centric assignments in market-entry, market expansion, partner identification, competition analysis, market sizing, industry insights and customer intelligence studies. When Suyog is not busy unraveling the consumer mind or unearthing market potential he can be found traveling the road less traveled with a fascinating book on contemporary history in his hand. An avid cricket fan, music lover and you will also find him discussing politics with his friends and peers more often.