Malaysian Electronic Payment System

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 cards for automated teller machine (ATM) cards, which are an upgrade to chip-based cards from previous magnetic-stripe cards issued to all banks' customers.

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 a bank card chip) and pay at participating merchants.

MEPS provides the following services in its network to all participating banks:

• Shared nationwide ATM network provides the switch which enables 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, PRIMA), 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.