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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 BNM, enables the transfer of money and financial instruments. 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 BNM 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.
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