Affin Bank in Malaysia has hired global payments software provider ACI Worldwide to “modernize the bank’s real-time payment capabilities.”
Affin Bank chooses to make payments to ACI Worldwide.
As part of the agreement, the commercial bank with its headquarters in Kuala Lumpur will employ the vendor’s B2B payments platform. The platform makes the claim that it can streamline payment procedures for high-value and low-value transactions, corporate and consumer internet banking, ATMs, and digital banking delivery services.
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By doing this, the implementation aims to give Affin a “75% efficiency boost” and increase the bank’s transaction capacity by “over 20%” due to its interoperability with ISO 20022 standards, the PayNet, RENTAS, and SWIFT financial systems. Banco de la República in Colombia is presently receiving the same platform from ACI to enable the central bank’s development of a local real-time instant payments system, which is anticipated to emerge in the next year.
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Industry Comments
Encik Risham Akashah Bin Kamaruzaman, the group COO of Affin, stated that the new partnership with ACI would enable the bank to deliver integrated, value-driven payment solutions that cater to the diverse needs of today’s dynamic business landscape and customer demands. He noted that the partnership represented a significant stride in their digital transformation journey, aimed at streamlining operations and enhancing the customers’ payment experience. He further mentioned that by embracing digital tools and solutions, they aimed to enhance efficiency, improve customer experiences, and remain competitive in a rapidly evolving market.
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