The new enterprise payments platform
empowers AFFIN to unify its payment systems into a single
centralised platform.
AFFIN Group (“AFFIN” or “the Group”) today announced a
partnership with ACI Worldwide, a global leader in
mission-critical, real-time payments software, to modernise the
Bank’s real-time payment capabilities.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240709965571/en/
From left to right: Encik Risham Akashah
Bin Kamaruzaman, Group Chief Operating Officer of Affin Bank
Berhad, Mr. Leslie Choo, Senior Vice President, Managing Director
of Asia Pacific, ACI Worldwide (Photo: Business Wire)
In attendance at the contract signing to represent YBhg. Datuk
Wan Razly Abdullah was Encik Risham Akashah Bin Kamaruzaman, Group
Chief Operating Officer of Affin Bank Berhad, and ACI Worldwide was
represented by Mr. Leslie Choo, Senior Vice President, Managing
Director of Asia Pacific, ACI Worldwide.
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. As the industry adopts ISO
20022 globally, this modernisation solution meets regulatory
mandates, improves system resilience, and integrates future payment
services.
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”.
He added, “Through embracing digital tools and solutions, we aim
to enhance efficiency, improve customer experiences, and stay ahead
in a rapidly evolving market. This initiative aligns seamlessly
with our AFFIN Axelerate 2028 (AX28) plan strategic pillar of
Digital Leadership”.
ACI Worldwide has unmatched 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 and central
infrastructure provider PayNet in collaboration with ACI to
establish ISO 20022 real-time payments across financial
institutions and communities. ACI also provides the central
infrastructure for Indonesia's BI-FAST, one of the world's largest
real-time payment initiatives that incorporates 135 banks,
multi-tenant aggregators, and non-bank participants.
"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”.
According to ACI Worldwide's Prime-Time for Real-Time 2024
report, Malaysia emerges as a frontrunner in the ASEAN region,
recording one of the highest volumes of real-time payment
transactions in 2023. The trajectory is set for exponential growth,
with real-time payment transactions forecasted to grow from 1.9
billion in 2023 to 4.1 billion by 2028, representing an impressive
compound annual growth rate of 16.9%. Malaysia is also among the
top 10 countries globally for mobile wallet adoption.
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.
About AFFIN Group
Affin Bank Berhad operates as the financial holding entity of
Affin Islamic Bank Berhad, Affin Hwang Investment Bank Berhad,
Affin Moneybrokers Sdn Bhd. Generali Insurance Malaysia Berhad and
Generali Life Insurance Malaysia Berhad are affiliated companies of
Affin Bank Berhad.
AFFIN Group provides an array of financial products and services
catering to individual, enterprise, commercial and corporate
clients. The focus market segments are categorised under essential
business units such as Community Banking, Enterprise Banking,
Corporate Banking, Treasury, and Investment Banking. For more
information, please visit www.affingroup.com.
About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time
payments software. Our proven, secure and scalable software
solutions enable leading corporations, fintechs, and financial
disruptors to process and manage digital payments, power
omni-commerce payments, present and process bill payments, and
manage fraud and risk. We combine our global footprint with a local
presence to drive the real-time digital transformation of payments
and commerce.
© Copyright ACI Worldwide, Inc. 2024 ACI, ACI Worldwide, ACI
Payments, Inc., ACI Pay, Speedpay and all ACI product/solution
names are trademarks or registered trademarks of ACI Worldwide,
Inc., or one of its subsidiaries, in the United States, other
countries or both. Other parties’ trademarks referenced are the
property of their respective owners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240709965571/en/
AFFIN GroupAmirah Aliah Azlan
Assistant Manager, Corporate Communications & Public Relations
Contact Number: +60123688359 E-mail: amirahaliah@affingroup.com
Sharifah Syahirah Syed Azlan Manager, Corporate Communications
& Public Relations Contact Number: +60162641675 E-mail:
sharifahsyahirah.azlan@affingroup.com
ACI WorldwideNick Karoglou Head of
Communications and Corporate Affairs
nick.karoglou@aciworldwide.com
Lyn Kwek Communications and Corporate Affairs Director,
APAC/Middle East/Africa lyn.kwek@aciworldwide.com
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