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  1. Our Roles
  2. Payment System
  3. Overview on Malaysian Payment Systems
  4. The importance of Payment System

Breadcrumb

  1. Our Roles
  2. Payment System
  3. Overview on Malaysian Payment Systems
  4. The importance of Payment System

The importance of Payment System

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Payment Systems

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.

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Asset Publisher

Highlights


11 Jan 2018

Financial Institutions’ Adoption of SWIFT’s Mandatory Customer Security Requirements


08 Dec 2017

Payment System Forum and Exhibition 2017: Mobile Payment: The ‘Next Wave’


01 Jun 2017

Migration to PIN-Based Payment Cards



Payment System

  • Overview on Malaysian Payment Systems
    • Malaysian Payment Systems
    • Introduction of Payment System
    • The importance of Payment System
    • Role of Bank Negara Malaysia
    • Types of Payment Systems
  • Legal Framework
    • Financial Services Act 2013 and Islamic Financial Services Act 2013
    • Gazette Order
    • Application for Approval and Registration
    • Guidelines/Standards
  • Migration to Electronic Payments
    • Migration from Paper to Electronic Payments
    • Driving towards electronic payments
    • Electronic payments on the rise
    • Survey on usage of cash and cheques at government agency counters
  • Oversight of Systemically Important Payment Systems (SIPS)
    • Oversight Objectives
    • Oversight approach
    • Compliance with international standards
    • Co-operative oversight arrangements
  • Financial Institutions’ Adoption of SWIFT’s Mandatory Customer Security Requirements
  • Payment Statistics
  • E-payment Services and Fees
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