AFFIN BANK & ACI Worldwide modernise payments for Malaysian businesses

By Gloria Mathias

AFFIN Group has announced a partnership with ACI Worldwide, a global real-time payments software, to modernise the Bank’s real-time payment capabilities.

Under this partnership, the new enterprise payments platform is designed to streamline and enhance the efficiency of payment processes for enterprises, offering a centralised system that consolidates all payment instructions from various channels, converges high-value and low-value payments, including Affin Delivery System (ADS), AffinAlways Retail Internet Banking and Mobile Internet Banking, AFFINMAX (Corporate Internet Banking platform), and ATMs.

This partnership also targets a 75% efficiency boost through process automation and eliminating manual actions, reducing errors. AFFIN will handle over 20% more transactions, supporting growth and scalability. It will enable interoperability among PayNet, RENTAS, and SWIFT using ISO 20022 standards.

Group Chief Operating Officer of Affin Bank Berhad, Encik Risham Akashah Bin Kamaruzaman said, “A robust payment infrastructure is a catalyst for innovation and scalable growth. It enables AFFIN to deliver integrated, value-driven payment solutions that cater to the diverse needs of today’s dynamic business landscape and customer demands. Our partnership with ACI is a significant stride in our digital transformation journey, streamlining our operations and enhancing our customers’ payment experience”.

ACI Worldwide has expertise in powering on-premises and cloud-native payment solutions for major banks across Asia Pacific. Malaysia’s Real-time Retail Payments Platform (RPP) was introduced by the national payments network PayNet in collaboration with ACI to establish ISO 20022 real-time payments across financial institutions and communities.

“As Banks navigate unprecedented regulatory changes and rapid digitisation, payments modernisation goes beyond just a technology refresh; it is a strategic transformation that spearheads new avenues of business growth and competitive advantage,” said Leslie Choo, Senior Vice President, Managing Director – APAC, ACI Worldwide. “ACI applauds AFFIN BANK for its forward-looking move in embracing payment modernisation, and we are proud to support the bank with cutting-edge digital real-time payment solutions to lead this charge”.

Malaysia’s success in harmonising the country’s real-time payments ecosystem on ISO 20022 has ensured that technology serves as an enabler and not a barrier to real-time payment adoption, empowering merchants, billers, FinTechs, and financial intermediaries to tap into and maximise the value from real-time rails.