The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in

Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federal constitutional monarchy consists of thirteen states and three federal territories, separated by the South China Sea into two regions: Peninsular Malaysia and Borneo's East Malay ...

. In August 2017, MEPS merged with Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) to form Payments Network Malaysia Sdn Bhd (PayNet). With the result of the merger, PayNet is now the holding company for the PayNet Group which comprises two main subsidiaries, namely Malaysian Electronic Payment System Sdn Bhd (MEPS) and MEPS Currency Management Sdn Bhd (MCM). The PayNet Group is Malaysia's premier payments network and central infrastructure for financial markets.

Bank Negara Malaysia The Central Bank of Malaysia (BNM; ms, Bank Negara Malaysia) is the Malaysian central bank. Established on 26 January 1959 as the Central Bank of Malaya (''Bank Negara Tanah Melayu''), its main purpose is to issue currency, act as banker and ad ...

(BNM) is PayNet's single largest shareholder, with eleven Malaysian financial institutions namely, Malayan Banking Berhad, RHB Bank Berhad, Public Bank Berhad, CIMB Bank Berhad, AmBank (M) Berhad, Hong Leong Bank Berhad, Affin Bank Berhad, Alliance Bank Malaysia Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad and Bank Kerjasama Rakyat Malaysia Berhad, as joint shareholders. MEPS plays the integral role in the implementation of

smart card A smart card, chip card, or integrated circuit card (ICC or IC card) is a physical electronic authentication device, used to control access to a resource. It is typically a plastic credit card-sized card with an embedded integrated circuit (IC) c ...

s for

automated teller machine An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fund ...

(ATM) cards, which are an upgrade to chip-based cards from previous magnetic-stripe cards issued to all banks' customers. The card is also known as ''Bankcard'', a card with multiple functions. There are three main functions that can be used, namely ATM (with various combinations of banking transactions), e-debit (online purchase payment) transactions at participating merchants and MEPS Cash (a

stored-value card A stored-value card (SVC) is a payment card with a monetary value stored on the card itself, not in an external account maintained by a financial institution. This means no network access is required by the payment collection terminals as funds ...

that can be used to pay at participating merchants). MEPS is a member of the Asian Payment Network (APN).

Role

In brief, MEPS’ role encompasses: * Development and implementation of payment services * Provision and management of shared infrastructure for participating financial institutions * Operating

e-payment Online Banking ePayments (OBeP) is a type of payments network, developed by the banking industry in conjunction with technology providers. It is specifically designed to address the unique requirements of payments made via the Internet. http://icpno ...

clearing and settlement systems for the financial industry * Governing adherence to relevant standards * Developing technical standards and specifications for the Smart Card * Certification services for payment smart card and personalisation centres MEPS provide the following services through its network to all participating banks: * Nationwide Shared ATM Network – An interbank switching infrastructure network for routine banking transactions including cash withdrawal, funds transfer, credit card and loan repayment, account balance inquiry, mobile prepaid top-up, MEPS CASH loading and Touch n’ Go top-up * Cross-Border Initiative – A cross-border ATM network and link with six countries; providing inter-country cash withdrawal services and will be expanded to include inter-country funds transfer and balance enquiry * Regional Switching for Financial Institutions – Provision of ATM switching services for member banks amongst their regional branches * MEPS ATM – Deployment of white-label ATMs which are owned and managed by MEPS. The ATMs offer services ranging from domestic and cross-border cash withdrawal, domestic balance enquiry and funds transfer. Cardholders of participating banks in Malaysia have access to these ATMs while cash advance facilities for MasterCard and Visa cardholders would be enabled soon * Payment Multi-Purpose Card Specification (PMPC) – A proprietary ATM and Debit chip-card standard which was developed by MEPS. MEPS is the central coordinating body for the national implementation of the PMPC and is responsible for developing the PMPC chip card specification, technical standards, technical integration, support and coordination. MEPS is upgrading the PMPC standard to become EMV compliant and renamed as Malaysian Chip Card Specification (MCCS).

Member banks

Listed below is the participating banks. However, some participating banks provide only selected few of the services offered by MEPS as mentioned above. * Affin Bank *

Alliance Bank Malaysia Berhad Alliance Bank Malaysia Berhadand its subsidiary, Alliance Islamic Bank Berhad, are leading financial institutions in Malaysia that offer a comprehensive range of banking and financial solutions to customers of all segments. The banks provide conven ...

* Al Rajhi Bank * Agrobank * AmBank * Bank Islam Malaysia *

Bank Rakyat {{Infobox company , name = Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat) , logo = , type = {{unbulleted list, Islamic banking, Cooperative banking , foundation = 28 September 1954 , location = Menara Kembar Bank Ra ...

* Bank Muamalat Malaysia *

Bank Simpanan Nasional Bank Simpanan Nasional (English: National Savings Bank) (BSN) is a government owned bank based in Malaysia. BSN offers banking services via BSN branches and BSN Banking Agents (EB BSN). BSN was incorporated on 1 December 1974 under the Minister ...

* CIMB Bank *

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Hong Leong Bank Hong Leong Bank Berhad (; ) is a major public listed banking group in Malaysia. History Early beginnings Hong Leong Bank began its operations in 1905 in Kuching, Sarawak, under the name of ''Kwong Lee Mortgage & Remittance Company''. The c ...

* HSBC Bank *

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* MBSB Bank *

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* Public Bank *

RHB Bank RHB Bank Berhad (), formerly known as RHB Sakura Merchant Bank Berhad, is a Malaysian bank based in Kuala Lumpur and founded in 1994. It is a subsidiary of RHB Capital Berhad, which is one of the largest banks in Malaysia. RHB Bank has over 1 ...

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Awards and recognition

MEPS is accredited with the following: * ISO / IEC 27001 for Information Security Management System (ISMS) * ISO 9001: 2008 Quality Management System * MS 1900: 2005 Quality Management Systems – Requirements from Islamic Perspectives * Malaysian Book of Records as First IT Company to be Certified from Islamic Perspectives * Top Ten Favourite Brands by

Superbrands The Superbrands organization publishes surveys related to brands. The organization also publishes a series of brand-focused books and publications. Superbrands has offices in 90 countries. Background Superbrands was founded in 1994 by Marcel K ...

Malaysia * 2015 Cards & Electronic Payments International (CEPI) Asia Payment Awards – Best Peer-to-Peer Payments Initiative (Highly Commended)

References

External links

* *https://www.paynet.my/ *https://www.mepsatm.com.my/
MEPS FAQ
{{Interbank networks Financial services companies established in 1997 Companies based in Kuala Lumpur Interbank networks 1997 establishments in Malaysia 2017 mergers and acquisitions Malaysian brands

Role

Member banks

Awards and recognition

See also

References

External links