MEPS launches B2B, B2C payment hub

The Financial Process Exchange (FPX) was developed with partner Camtech-Skali. FPX provides a secure multibank platform for business-to-business (B2B) and business-to-consumer (B2C) e-commerce transactions. Six banks joined the FPX pilot project in September: Bumiputra Commerce Bank, Public Bank, Bank Islam, Deutsche Bank, Hong Leong Bank and Maybank. Some 20 merchants -- including MASkargo, Internet service providers TM Net and Jaring, Universiti Putra Malaysia, Financial Link and Star Publications Bhd -- also signed on as early adopters. To be able to use FPX to make payments, a consumer would need to have an account that could be used for Internet banking with one of the participating banks. To receive payments via FPX, a merchant or supplier would have to sign up, and then offer FPX as an online payment option. When the consumer selects this option at the merchants website, he would be directed to their banks Internet banking site to carry out a direct-debit payment. Payments via FPX were on a non-repudiation basis, meaning that a consumer could not stop or reverse an FPX payment in case of a dispute over the transaction, and any such disputes would have to be handled outside the payment system.