Malaysian Electronic Payment System
Encyclopedia
The Malaysian Electronic Payment System, commonly known as MEPS, is the only interbank network
service provider in Malaysia.
Malaysian Electronic Payment System formerly known as Malaysian Electronic Payment System (1997) Sdn Bhd is a payment consortium owned equally by 12 local banks. Its subsidiary companies are MEPS Currency Management Sdn Bhd (MCM) and FPX Gateway Sdn Bhd (FPX).
MEPS plays a role in the implementation of smart card
for Automated Teller Machine (ATM) card, which is an upgrade to chip-based card from previous magnetic-stripe card issued to all banks customer.
The card is also known as Bankcard, a card with multiple functions. There are three main functions that can be used namely ATM (with various combinations of banking transactions), e-Debit (online purchase payment) transactions at participating merchants and MEPS Cash (load in a monetary value into your Bankcard chip) and pay of participating merchants.
MEPS provides the following services in its network to all participating banks:
Interbank network
An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks....
service provider in Malaysia.
Malaysian Electronic Payment System formerly known as Malaysian Electronic Payment System (1997) Sdn Bhd is a payment consortium owned equally by 12 local banks. Its subsidiary companies are MEPS Currency Management Sdn Bhd (MCM) and FPX Gateway Sdn Bhd (FPX).
MEPS plays a role in the implementation of smart card
Smart card
A smart card, chip card, or integrated circuit card , is any pocket-sized card with embedded integrated circuits. A smart card or microprocessor cards contain volatile memory and microprocessor components. The card is made of plastic, generally polyvinyl chloride, but sometimes acrylonitrile...
for Automated Teller Machine (ATM) card, which is an upgrade to chip-based card from previous magnetic-stripe card issued to all banks customer.
The card is also known as Bankcard, a card with multiple functions. There are three main functions that can be used namely ATM (with various combinations of banking transactions), e-Debit (online purchase payment) transactions at participating merchants and MEPS Cash (load in a monetary value into your Bankcard chip) and pay of participating merchants.
MEPS provides the following services in its network to all participating banks:
- Shared Nationwide ATM Network, provides the switch which enable bank customers to conveniently access their funds anywhere from any of the participating banks’ ATMs.
- Shared Regional ATM Network, a cross-border ATM link with Indonesia (ATM Bersama, PRIMAPRIMA (Indonesia)PRIMA is one of the interbank networks in Indonesia. PRIMA is owned by PT Rintis Sejahtera. PT Rintis Sejahtera is a Satellite Communication services provider that transmitting digital information within the region and around the world.-Services:* PRIMAMESH...
), Singapore (NETS), Thailand (ITMX) and China (CUP) that offers participating banks’ customers the convenience of making cash withdrawals via ATM in the said countries and vice versa. - e-Debit, enables the purchase amount to be immediately deducted from the savings or current account direct into the retailer's or merchant's bank account. This provides consumers with better cash management and peace of mind as all transactions are PIN based. In addition, the new card is embedded with a sophisticated, tamper-resistant smart chip to protect consumers against the risk of fraud.
- Mobile Prepaid Top-Up via ATM, offers more convenience for mobile phone subscribers to top-up through MEPS’ ATMs.
- Interbank ATM Fund Transfer (IBFT), allows bank customers to transfer funds from one account to another account in another bank. The beneficiary will receive the funds immediately and instantaneously, as the transfer is online and in real-time.
- Interbank GIRO (IBG), makes interbank funds transfer more convenient to bank customers via an electronic channel. It enables payments to be made without the need to raise physical supporting vouchers or documents such as cheques, bank drafts, etc. It is an interbank fund transfer system that facilitates payments and collections via the exchange of digitized transactions between banks. For corporations, it is ideal for high volume interbank payments up to a maximum of RM100,000 per transaction such as payroll and dividend/warrant payments. As for individuals, it is ideal for transactions such as credit card payments and loan repayments. It offers bank customers, be an individual or corporation, a secure interbank fund transfer system/channel for all sorts of payments through direct debiting of the customers' account(s) and crediting into the beneficiaries account; with any IBG participating banks.
- Financial Processing Exchange (FPX), opens new doors for e-Commerce, in particular business to business (B2B) and business to commerce (B2C) payments. FPX is an alternative payment channel for customers to make payment at e-market places such as websites and online stores as well as for corporations to collect bulk payment from their customers. It leverages on the Internet banking services of participating banks and provides fast, secure, reliable, real-time online payment processing. FPX provides complete end-to-end business transactions, resourceful payment records, simplified reconciliation and reduced risks as fund movements are between established financial institutions.
Member banks
Listed below is the participating banks. However, some participating banks provide only selected few of the services offered by MEPS as mentioned above.- Affin BankAffin BankAffin Bank is the smallest anchor bank in Malaysia. Formerly known as Perwira Habib Bank, the bank started growing by giving out low interest credit cards and loans....
- Alliance Bank
- Al Rajhi BankAl Rajhi BankThe Al-Rajhi Bank The Al-Rajhi Bank The Al-Rajhi Bank (known as the Al Rajhi Banking and Investment Corporation until a 2006 name change is the world's largest Islamic bank, and a major investor in Saudi Arabia's business world. It is one of the largest joint stock companies in the Kingdom, with...
- Agro Bank MalaysiaAgro Bank Malaysia1. Agro-entrepreneur2. Micro, small and medium-scale entrepreneurs3. Individuals-Roles and Functions:1. Provides financial and banking services with a focus on the agriculture sector...
(formerly known as Bank Pertanian Malaysia) - AmBankAmBankAMMB Holdings is currently the fifth largest banking group in Malaysia, with more than 200 branches and their outlets , providing individuals and businesses with a range of financial services and products.AmBank Group was founded in 1975 as Arab-Malaysian Development Bank, by Merchant Banking...
- Bank Islam MalaysiaBank Islam MalaysiaThe Bank Islam Malaysia started operations as Malaysia's first Islamic bank on July 1, 1983. BIMB was established primarily to assist the financial needs of the country's Muslims and to further extend its services to the whole population at large.BIMB was set up with an initial authorized capital...
- Bank Kerjasama Rakyat Malaysia
- Bank Muamalat MalaysiaBank Muamalat MalaysiaBank Muamalat Malaysia Berhad started its operations on October 1, 1999 with a combined assets and liabilities brought over from the Islamic banking windows of the then Bank Bumiputra Malaysia Berhad, Bank of Commerce Berhad and BBMB Kewangan....
- Bank of America
- Bank Simpanan NasionalBank Simpanan NasionalBank Simpanan Nasional is a government owned bank in Malaysia.- History :BSN was incorporated on 1 December 1974 under the Ministry of Finance. With its incorporation, BSN has taken over all the duties and responsibilities of the Post Office Savings Bank...
- CIMB Bank
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- Deutsche BankDeutsche BankDeutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
- Hong Leong BankHong Leong BankHong Leong Bank is a bank in Malaysia.Hong Leong Bank was founded by Mr LAM Ji Chiew and began its operations in 1905 in Kuching, Sarawak under the name of Kwong Lee Mortgage & Remittance Company. The company granted loans against the security of export commodities such as pepper, rubber and other...
- HSBCHSBCHSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
- MaybankMaybankMaybank , a trade name for Malayan Banking Berhad is the largest bank and financial group in Malaysia, with significant banking operations in Singapore, Indonesia and the Philippines. The bank also has large interests in Islamic banking through Maybank Islamic Berhad and insurance via its Etiqa...
- Oversea-Chinese Banking CorporationOversea-Chinese Banking CorporationThe Oversea-Chinese Banking Corporation Limited , abbreviated as OCBC Bank , is a publicly listed financial services organisation with its head office in Singapore. OCBC Bank is one of Singapore's leading local banks, with group assets of more than 224 billion SGD. It has one of the highest bank...
- Public BankPublic BankPublic Bank Berhad is a bank based in Malaysia. Public Bank is currently the biggest domestic bank in Malaysia by shareholders' funds. It focuses on retail customers and small to medium sized enterprises. The bank was founded in 1966 by Teh Hong Piow, the then general manager of Malayan Banking...
- RHB BankRHB BankRHB Bank Berhad is a bank based in Kuala Lumpur, Malaysia. It specializes in commercial banking, corporate and investment banking and international banking services...
- Royal Bank of Scotland (formerly known as ABN Amro Bank)
- Standard Chartered BankStandard Chartered BankStandard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
- United Overseas BankUnited Overseas BankUnited Overseas Bank Limited , abbreviated as UOB is a bank incorporated in Singapore. It was founded 6 August 1935 by Kuching-born Datuk Wee Kheng Chiang, father of the present United Overseas Bank Group Chairman, Mr...
Former members
- Bumiputra-Commerce HoldingsBumiputra-Commerce HoldingsBumiputra-Commerce Holdings Berhad is the listed vehicle for CIMB Group, Malaysia’s second largest financial services group. It has been listed on the Main Board of Bursa Malaysia, the nation’s stock exchange since 1987...
(Restructured as CIMB Bank) - Southern BankSouthern BankSouthern Bank was a Malaysian bank and the ninth-largest lender while being one of the ten anchor banks in Malaysia.In 2006 it was bought over by Bumiputra-Commerce Holdings . BCHB plans to delist the bank from public listing as well as Bumiputra-Commerce and CIMB...
(Merged with CIMB Bank) - EON BankEon bankEON Capital Berhad is a company listed on the Main Board of Bursa Malaysia on 23 December 2002. It is the holding company of EON Bank Group...
(Merged with Hong Leong Bank)