AFFIN Group announced a partnership with ACI Worldwide, a global provider of real-time electronic payment and banking solutions, to enhance its real-time payment capabilities.
The collaboration aims to unify AFFIN‘s payment systems into a single centralised platform.
The new enterprise payments platform will streamline payment processes for enterprises, consolidating all payment instructions from various channels.
It will integrate 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 modernisation is expected to boost efficiency by 75% through process automation, reducing errors, and enabling the bank to handle over 20% more transactions.
The platform will also ensure interoperability among PayNet, RENTAS, and SWIFT using ISO 20022 standards, meeting regulatory mandates and improving system resilience.
ACI Worldwide is known for its expertise in powering payment solutions for major banks across the Asia Pacific.
Malaysia’s Real-time Retail Payments Platform (RPP), introduced by PayNet in collaboration with ACI, has established ISO 20022 real-time payments across financial institutions and communities.
ACI also provides the central infrastructure for Indonesia’s BI-FAST, a major real-time payment initiative that incorporates 135 banks, multi-tenant aggregators, and non-bank participants.
According to ACI Worldwide’s report, Malaysia leads the ASEAN region in real-time payment transactions, with projections showing growth from 1.9 billion transactions in 2023 to 4.1 billion by 2028.
Malaysia is also among the top 10 countries globally for mobile wallet adoption.
Risham Akashah Bin Kamaruzaman, Group Chief Operating Officer of Affin Bank Berhad, said,
“Our partnership with ACI is a significant stride in our digital transformation journey, streamlining our operations and enhancing our customers’ payment experience.
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”.
Leslie Choo, Senior Vice President, Managing Director – APAC, ACI Worldwide said,
“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.
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”.
Featured image: From left to right: Risham Akashah Bin Kamaruzaman, Group Chief Operating Officer of Affin Bank Berhad, Leslie Choo, Senior Vice President, Managing Director of Asia Pacific, ACI Worldwide
