Print       Share


Exposure Draft on the Interoperable Credit Transfer Framework

Release Date: 07 Dec 2017

Issuance date
7 December 2017
 
Effective date
The consultation period for this exposure draft ends on 8 January 2018
 
Summary
The Interoperable Credit Transfer Framework (ICTF) seeks to foster an efficient, competitive and innovative payment landscape in Malaysia by enabling the interoperability of credit transfer services and promoting collaborative competition (co-opetition) between banks and non-bank e-money issuers through fair and open access to shared payment infrastructure.
 
The ICTF outlines requirements aimed at -

  • Expanding network reach and avoiding market fragmentation by enabling interoperability of credit transfer services;
  • Promoting a level playing field and fostering collaboration at the infrastructure level by ensuring fair and open access to shared payment infrastructure;
  • Minimizing risk of disruption to system-wide important credit transfer systems through effective oversight of shared payment infrastructure;
  • Encouraging innovation through the establishment of an innovation sandbox and publication of Open APIs;
  • Safeguarding the safety and integrity of credit transfer systems through proportionate risk management measures; and
  • Fostering confidence in the use of credit transfer services via enhanced customer protection measures.

All comments or suggestions with regard to this Exposure Draft should reach the Bank by 8 January 2018 and addressed to the following officers: 

Applicability 
FSA
IFSA
DFIA
 
Issuing Department 
Payment Systems Policy Department

Attachment : Exposure Draft on Interoperable Credit Transfer Framework

© Bank Negara Malaysia, 2017. All rights reserved.