DuitNow allows bank customers to send money instantly and securely to accounts that are addressed by easily known identifiers, such as mobile phone numbers, identity card or passport numbers, and business registration numbers. The service aims to displace cash with simple and convenient internet and mobile payments, and has the potential to transform Malaysia’s payments ecosystem with immediate 24×7 funds availability.

Following the launch of DuitNow, PayNet and ACI are now focused on the progressive introduction of new payments services, including QR Payments as well as Request-to-Pay, e-Mandates and Real-Time Debit, which are expected to transform how businesses collect payments in Malaysia. Corporate customers will also benefit from DuitNow’s extended message payload that allows DuitNow payment messages to carry information needed to complete business transactions.

“RPP and DuitNow are the foundation for payments transformation in Malaysia, which is aimed at modernizing the e-Payments ecosystem and driving innovation for the country’s more than 31 million residents. PayNet’s vision goes beyond just Malaysia – we aim to build links across the ASEAN region to enable cross-border instant credits and P2P payments, with an initial focus on our neighbouring countries,” said Peter Schiesser, Group CEO, PayNet.

“ACI’s UP Real-Time Payments provides the flexibility and scalability that PayNet needs to continue making material steps towards greater ASEAN payments integration – streamlining both business and personal financial flows across the region,” added Mr Schiesser.

“ACI is proud to partner with PayNet to address the changing needs of the Malaysian payments ecosystem as it evolves and matures, positioning the country as a regional and global payments leader as the trend from cash-based transactions to cashless societies gathers pace,” said Leslie Choo, Managing Director, Asia, ACI Worldwide. “The launch of DuitNow marks a significant milestone in Malaysia’s real-time transformation – one that has required close collaboration not only between ACI and PayNet, but also with more than a dozen member banks that are bringing these new services to the public.”

ACI has an unmatched global customer base of financial institutions and payment service providers using its UP Immediate Payments solution. In the UK, the solution has been used by financial institutions to access the UK Faster Payments scheme since its launch in 2008. Currently more than 50 percent of the scheme’s payments are being processed by ACI solutions. Additionally, ACI has customers using UP Immediate Payments to access Singapore FAST and the Australian NPP (New Payments Platform). ACI is implementing The Clearing House RTP system and Zelle for customers in the US, and serves on the ISO 20022 Real-Time Payments Group and the EPC Instant Payments Technology Group.

About PayNet

Payments Network Malaysia Sdn Bhd (PayNet) is Malaysia’s premier payments network and central infrastructure for financial markets. We innovate, build and operate world-class payment systems and financial market infrastructures that safely, reliably and efficiently enable the functioning and development of Malaysia’s financial system as well as the economy as a whole. With Bank Negara Malaysia as PayNet’s single largest shareholder and eleven major financial institutions as joint shareholders, PayNet also serves as a platform to harness the collaborative efforts of the Malaysian banking system to accelerate the adoption of electronic payments. For more information, please visit www.paynet.my.