Bank Negara unit MyClear to set up new retail payment platform

The Malaysian Electronic Clearing Corp Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara Malaysia (BNM), is developing a new real-time retail payments platform to serve both as a catalyst and enabler for innovative payments in Malaysia.

BNM deputy governor Datuk Muhammad Ibrahim said the enhancement, which is expected to launch in 2017, would adopt a multi-currency system that leveraged on the SWIFT messaging system for large value payments.

“The enhanced Real-Time Gross Settlement System (RENTAS) would cater for multiple messaging formats including the internationally-recognised ISO 20022 which supports the transmission of richer remittance data and facilitates interconnectedness with other economies within the region,” he said in his keynote address at the Malaysia E-Payment Excellence Awards (MEEA) in Kuala Lumpur on Monday.

He said BNM would continue to foster an enabling environment for infrastructure building and network expansion, adding the enhanced platform also promoted effective competition among industry players to spur the development of innovative solutions, provide greater choices and value proposition to the public and, in the process, lower costs.

Meanwhile, MyClear managing director Peter Schiesser said the retail payment platform initiative is in line the implementation of faster payments in the United Kingdom, Singapore and Sweden.

The platform has also delivered significant economic benefits, as well as new immediate payment initiatives in Australia, the United States and the European Union, he added.