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Overview on Malaysian Payment Systems

Introduction of Payment System

Under the Bank for International Settlements (BIS) definition, a payment system consists of instruments, banking procedures, and typically interbank funds transfer systems that ensure and facilitate the circulation of money. In essence, it facilitates corporations, businesses and consumers to transfer funds to one another.

Payment system is defined as any system or arrangement for the transfer, clearing or settlement of funds or securities in the Central Bank of Malaysia Act 2009.

In essence, it facilitates corporations, businesses and consumers to transfer funds to one another.