AFFIN Bank & ACI Worldwide Transform Payment Solutions for Malaysian Businesses

AFFIN Bank has unveiled a strategic partnership with ACI Worldwide, a global leader in real-time payment software, to revolutionize its payment infrastructure. This initiative aims to streamline payment processes, significantly enhance efficiency by up to 75%, and ensure scalability for Malaysian businesses. By leveraging ACI’s cutting-edge technology, AFFIN Bank is set to offer a centralized platform that consolidates high-value and low-value transactions, thus supporting business growth and optimizing the payment experience for enterprises across Malaysia.

Transforming Payment Infrastructure

The new enterprise payments platform introduced under this partnership is designed to centralize payment instructions from various channels, including the Affin Delivery System (ADS), AffinAlways Retail Internet Banking, Mobile Internet Banking, AFFINMAX (Corporate Internet Banking), and ATMs. This integration will consolidate high-value and low-value payments and enable AFFIN Bank to handle over 20% more transactions, supporting business growth and scalability.

Efficiency Boost and Error Reduction

By leveraging ACI Worldwide’s expertise, AFFIN Bank targets a 75% efficiency boost through process automation. This will significantly reduce manual actions and errors, enhancing the overall payment experience for businesses and customers. Encik Risham Akashah Bin Kamaruzaman, Group Chief Operating Officer of AFFIN Bank Berhad, emphasized that a robust payment infrastructure is essential for innovation and growth, enabling AFFIN to deliver integrated, value-driven payment solutions to meet the dynamic needs of businesses.

Compliance and Interoperability

A key aspect of this modernization effort is ensuring interoperability among Malaysia’s payment networks, including PayNet, RENTAS, and SWIFT, using ISO 20022 standards. This alignment will facilitate seamless, real-time transactions across different financial institutions and platforms, enhancing the overall efficiency and reliability of the payment ecosystem in Malaysia.

Global Expertise in Real-Time Payments

ACI Worldwide’s involvement is pivotal due to its extensive experience in powering real-time payment solutions across the Asia Pacific region. They have supported the implementation of Malaysia’s Real-time Retail Payments Platform (RPP), introduced by PayNet, to establish ISO 20022 real-time payments across financial institutions. Leslie Choo, Senior Vice President and Managing Director for APAC at ACI Worldwide highlighted that payments modernization is not just about updating technology but also about strategically transforming to unlock new business opportunities and competitive advantages.

The Global Landscape of Real-Time Payments

The push for real-time payments is part of a broader global trend. According to ACI Worldwide’s 2024 report, real-time payments are expected to grow significantly, with a forecast of 575.1 billion transactions by 2028, accounting for 27.1% of all electronic payments globally. Regions like Asia Pacific are leading the charge, with Malaysia playing a crucial role in this transformation. Real-time payments have been shown to directly boost economic activity, with research indicating a 1.6%-2.4% GDP growth attributable to their adoption in various countries​​​

As AFFIN Bank continues to modernize its payment infrastructure, it is well-positioned to support the evolving needs of Malaysian businesses. The partnership with ACI Worldwide enhances operational efficiency and aligns with global standards, ensuring that AFFIN Bank remains at the forefront of payment innovation.

This modernization effort by AFFIN Bank and ACI Worldwide is a strategic leap toward the future of real-time payments, equipping Malaysian businesses with cutting-edge tools to excel in an increasingly digital economy. By embracing advanced payment solutions, AFFIN Bank ensures that local enterprises can operate more efficiently, reduce transaction errors, and scale seamlessly, thereby driving growth and competitiveness in the dynamic market landscape. This partnership not only supports the immediate needs of businesses but also positions them for sustained success in the evolving financial ecosystem.