The Retail Payments Platform is a strategic initiative to modernize Malaysia’s retail payments infrastructure and to drive innovation the online payments. PayNet resulted from the merger of Bank Negara Malaysia’s (Central Bank of Malaysia) wholly-owned subsidiary, Malaysian Electronic Clearing Corporation (MyClear), with Malaysian Electronic Payment System (MEPS), in August 2017.
PayNet selected ACI’s UP Immediate Payments solution for its central infrastructure. The company named the solution’s flexibility as a platform to build transformative payment capabilities, as well as its potential to serve as an enabler for innovative new payment products.
In 2017, PayNet will build the Core RPP infrastructure, while 2018 will see the launch of Instant Credits, Request-to-Pay for ecommerce and person-to-person (P2P) Payments with Proxy Address Resolution. This will allow payments to be addressed seamlessly by mobile numbers, National Registration Identity Card (NRIC) numbers, or business registration numbers.
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