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Malaysia-Based AFFIN BANK Partnered with ACI Worldwide to Modernise Payments for Malaysian Businesses

Encik Risham Akashah Bin Kamaruzaman, Group Chief Operating Officer of Affin Bank Berhad, was present at the contract signing to represent YBhg. Datuk Wan Razly Abdullah, while Mr. Leslie Choo, Senior Vice President and Managing Director of Asia Pacific, ACI Worldwide, represented the latter.

Encik Risham Akashah Bin Kamaruzaman, Group Chief Operating Officer of Affin Bank Berhad, was present at the contract signing to represent YBhg. Datuk Wan Razly Abdullah, while Mr. Leslie Choo, Senior Vice President and Managing Director of Asia Pacific, ACI Worldwide, represented the latter.

The new enterprise payments platform, developed under this partnership, consolidates all payment instructions from various channels, including , Delivery System , Bank Always Retail Internet Banking and Mobile Internet Banking, (Corporate Internet Banking platform), and ATMs, to streamline and improve enterprise payment processes.

This alliance aims to increase productivity by 75% by automating processes and removing manual operations, minimising errors. Over 20% more transactions will help to growth and scalability. It will enable ISO 20022 interoperability between PayNet, RENTAS, and SWIFT. This modernisation solution meets regulatory requirements, enhances system resilience, and incorporates future payment services as the industry implements ISO 20022 internationally.

Group Chief Operating Officer of Affin Bank Berhad, Encik Risham Akashah Bin Kamaruzaman said, “A robust payment infrastructure is a catalyst for innovation and scalable growth. It enables AFFIN to deliver integrated, value-driven payment solutions that cater to the diverse needs of today’s dynamic business landscape and customer demands. Our partnership with ACI is a significant stride in our digital transformation journey, streamlining our operations and enhancing our customers’ payment experience”.

Major banks in Asia Pacific rely on ACI Worldwide’s unparalleled expertise to enable their on-premises and cloud-native payment systems. The national payments network and central infrastructure provider PayNet, in partnership with ACI, launched Malaysia’s Real-time Retail Payments Platform (RPP) to develop ISO 20022 real-time payments across financial institutions and communities.

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Additionally, ACI serves as the backbone of one of the biggest real-time payment systems globally, BI-FAST, a project including 135 banks, multi-tenant aggregators, and non-bank players, in Indonesia.

“As Banks navigate unprecedented regulatory changes and rapid digitisation, payments modernisation goes beyond just a technology refresh; it is a strategic transformation that spearheads new avenues of business growth and competitive advantage,” said Leslie Choo, Senior Vice President, Managing Director – APAC, ACI Worldwide. “ACI applauds AFFIN BANK for its forward-looking move in embracing payment modernisation, and we are proud to support the bank with cutting-edge digital real-time payment solutions to lead this charge”.

Malaysia leads ASEAN in real-time payment transactions in 2023, according to ACI Worldwide’s Prime-Time for Real-Time 2024 research. Real-time payment transactions are expected to surge from 1.9 billion in 2023 to 4.1 billion in 2028, a 16.9% compound annual growth rate. Malaysia ranks among the top 10 mobile wallet adopters.

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Malaysia’s ISO 20022 harmonisation of its real-time payments ecosystem has enabled merchants, billers, fintechs, and financial intermediaries to maximise the value of real-time rails.

About AFFIN BANK

AFFIN Bank Group is a financial conglomerate. The Group provides commercial, Islamic, and investment banking, money broking, asset management, and life and general insurance underwriting.

About ACI Worldwide

ACI Worldwide, a leader in real-time payments, provides mission-critical software solutions for corporation to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk.

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