Payments Network Malaysia (PayNet) has selected ACI Worldwide’s UP Immediate Payments solution to build Malaysia’s instant Retail Payments Platform (RPP).
According to ACI, PayNet selected its UP Immediate Payments solution for its central infrastructure because of its ‘flexibility as a platform to build transformative payment capabilities’.
The platform will serve as an enabler for innovative new payment products, the company added.
PayNet Group CEO Peter Schiesser said: “ACI’s UP Immediate Payments provides the flexibility and agility that PayNet needs to continue innovating and improving the value proposition of electronic payments. Our ability to rapidly bring to market the payment products of the future is essential to keep abreast with the fast pace of change in the e-Payments market.
“Among the innovative new products in our pipeline is 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 exciting new service to life. We look forward to tapping into ACI’s understanding of the global payments market and its wealth of experience in payments to make e-Payments fast, frictionless and convenient—meeting demands for immediacy in an online, interconnected world.”
PayNet will build the Core RPP infrastructure this year, while it intends to launch Instant Credits, Request-to-Pay for e-commerce and person-to-person (P2P) Payments with Proxy Address Resolution in 2018.
Once RPP becomes fully functional, it will allow payments to be addressed by mobile numbers, National Registration Identity Card (NRIC) numbers, or business registration numbers.