Deutsche Bank has announced that it is now able to process payments using Malaysia’s instant credit clearing system, DuitNow for corporate clients. The system is an initiative aligned with the goals of ASEAN 2025, which include creating a regional real-time payment ecosystem.
This real-time fund transfer platform will allow Deutsche Bank’s corporate clients to make payments and receive funds nationwide, processing end-to-end payments within 20 seconds using the 'any-ID' or proxy principle.
With the launch of DuitNow, Malaysia is moving from relying on a cheque-based payment infrastructure, to one where any participant in the instant credit clearing system can process a payment instantly at a lower cost.
DuitNow allows for the use of any-ID, where corporates no longer have to maintain the bank details of their employees, as their National ID number on file with HR is all they need to remit salaries or reimbursements out to them. Even if employees change their bank accounts, the funds will automatically be routed to their preferred account linked to their National ID number.
Commenting on the announcement, Jacqueline William, head of Global Transaction Banking, Malaysia at Deutsche Bank, said: "We are supportive of the government’s efforts to modernise the payments infrastructure in Malaysia and will continue to invest in such initiatives, which in this case stands to greatly benefit our corporate clients by increasing the speed of local payments."
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