The importance of Payment System
Payment systems are a vital part of the financial infrastructure of a country. In Malaysia, the large value payment system, RENTAS, which is operated by the Malaysian Electronic Clearing Corporation Sdn. Bhd. (MyClear), a payment subsidiary owned by Bank Negara Malaysia, enables the transfer and settlement of high-value interbank payments and securities. Its failure could contribute to systemic crisis and transmit financial shocks to the financial system. The efficient functioning of RENTAS allows transactions to be completed safely and in a timely manner contributing to overall economic performance.
Safe and efficient payment systems are fundamental to promote financial stability, facilitating Bank Negara Malaysia in the conduct of its monetary policy by allowing greater use of market-based instruments to achieve its objectives, while enhancing the efficiency of the financial system and the economy as a whole. Given its importance, the promotion of a secure, safe and efficient payment system is one the main pillars of the Bank.