AFFIN Group has unveiled a new collaboration with ACI Worldwide, a leading global provider of real-time payment software aimed at enhancing the Bank's capabilities in real-time payments. The signing ceremony was attended by YBhg. Datuk Wan Razly Abdullah, with Encik Risham Akashah Bin Kamaruzaman, Group Chief Operating Officer of Affin Bank Berhad, representing AFFIN Group, and Mr. Leslie Choo, Senior Vice President and Managing Director of Asia Pacific at ACI Worldwide, representing ACI Worldwide.
As part of this collaboration, the new enterprise payments platform aims to optimize and simplify payment operations for businesses. It provides a unified system that centralizes payment instructions from multiple channels, combining high-value and low-value payments. This includes integration with Affin Delivery System (ADS), AffinAlways Retail Internet Banking and Mobile Internet Banking, AFFINMAX, 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 modernization 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”.
ACI Worldwide is renowned for its extensive experience in delivering both on-premises and cloud-native payment solutions to leading banks throughout the Asia Pacific region. In collaboration with PayNet, Malaysia's national payments network and central infrastructure provider, ACI played a pivotal role in introducing the Real-time Retail Payments Platform (RPP), aligning with ISO 20022 standards to enable real-time payments across financial institutions and communities. Additionally, ACI serves as the central infrastructure provider for BI-FAST in Indonesia, a significant real-time payment initiative involving 135 banks, multi-tenant aggregators, and non-bank participants.
"As Banks navigate unprecedented regulatory changes and rapid digitization, payments modernization 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 – of 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”.
As stated in ACI Worldwide's Prime-Time for Real-Time 2024 report, Malaysia has positioned itself as a leader in the ASEAN region, achieving one of the highest volumes of real-time payment transactions in 2023. The country is on a trajectory of rapid expansion, with real-time payment transactions expected to increase from 1.9 billion in 2023 to 4.1 billion by 2028, reflecting a robust compound annual growth rate of 16.9%. Malaysia is also recognized among the top 10 countries worldwide for the widespread adoption of mobile wallets.