AmBank acts as settlement bank for Finexus on PayNet’s Real-Time Retail Payments Platform

AmBank is pleased to announce that it is acting as settlement bank to enable Finexus to participate in DuitNow, a service on Retail Payments Platform (RPP) operated by Payments Network Malaysia Sdn Bhd (PayNet).

“AmBank is honoured to be the DuitNow settlement bank for Finexus on RPP. This collaboration demonstrates our position in being one of the key players in the banking industry to accelerate the growth of cashless payments in the country. Moving forward, we will continue to devote resources towards strengthening the digital payment and settlement infrastructure and further enhancing efficiency in the provision of payment services,” said Raja Teh Maimunah Raja Abdul Aziz, Managing Director, Wholesale Banking, AmBank Group.

Clement Loh the Group Chief Executive Officer of Finexus Group said, “Finexus picked AmBank to act as settlement bank on RPP due several reasons. Cost-competitiveness, the amazing ability to pull-out-all-the-stops and its friendly knowledgeable team are among them. The most compelling factor was its willingness to integrate with our technology platform that enabled us to enjoy a better risk-controlled payment and settlement eco-system. Soon, we can offer DuitNow funds transfers, DuitNow QR payments and acceptance services for our e-wallets members and merchant base”.

He added, “For over 20 years, Finexus has been offering secure PCI and Regulatory-Compliant infrastructure and technologies to the banking and financial industry. We offer white-labelled and customisable financial technology platform to suit our banking and fintech clients’ needs. This has allowed our clients to undergo digital transformation of their business models to quickly adapt to rapidly changing business environment. We believe becoming a participant of PayNet's RPP is a natural progression and fits our vision to provide our customers with a seamless experience. Finexus’ users can soon conduct DuitNow transactions and perform funds transfer with their mobile or bank account numbers seamlessly to and from any online banking platform in Malaysia.”