Malaysian Electronic Payment System

Malaysian Electronic Payment System

Industry	Finance
Founded	Early 1997 (1997)
Headquarters	Kuala Lumpur, Malaysia
Key people	Datuk Abdul Farid Alias (Chairman) Michael Kumar (Group Managing Director)
Products	Financial services
Divisions	None
Website	www.meps.com.my www.mepsatm.com.my

The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in Malaysia. It is a payment consortium owned equally by 11 local banks and has a subsidiary company named MEPS Currency Management Sdn Bhd (MCM).

MEPS plays the integral 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 (a stored-value card that can be used to pay at participating merchants).

Role

In brief, MEPS’ role encompasses:

Development and implementation of payment services
Provision and management of shared infrastructure for participating financial institutions
Operating e-payment clearing and settlement systems for the financial industry
Governing adherence to relevant standards
Developing technical standards and specifications for the Smart Card
Certification services for payment smart card and personalisation centres

MEPS provide the following services through its network to all participating banks:

Nationwide Shared ATM Network – An interbank switching infrastructure network for routine banking transactions including cash withdrawal, funds transfer, credit card and loan repayment, account balance inquiry, mobile prepaid top-up, MEPS CASH loading and Touch n’ Go top-up
Cross-Border Initiative – A cross-border ATM network and link with six countries; providing inter-country cash withdrawal services and will be expanded to include inter-country funds transfer and balance enquiry
Regional Switching for Financial Institutions – Provision of ATM switching services for member banks amongst their regional branches
MEPS ATM – Deployment of white-label ATMs which are owned and managed by MEPS. The ATMs offer services ranging from domestic and cross-border cash withdrawal, domestic balance enquiry and funds transfer. Cardholders of participating banks in Malaysia have access to these ATMs while cash advance facilities for MasterCard and Visa cardholders would be enabled soon
Payment Multi-Purpose Card Specification (PMPC) – A proprietary ATM and Debit chip-card standard which was developed by MEPS. MEPS is the central coordinating body for the national implementation of the PMPC and is responsible for developing the PMPC chip card specification, technical standards, technical integration, support and coordination. MEPS is upgrading the PMPC standard to become EMV compliant and renamed as Malaysian Chip Card Specification (MCCS).

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.

Former members

Bumiputra-Commerce Holdings (Restructured as CIMB Bank)
Southern Bank (Merged with CIMB Bank)
EON Bank (Merged with Hong Leong Bank)

Awards & recognition

MEPS is accredited with the following:

ISO / IEC 27001 for Information Security Management System (ISMS)
ISO 9001: 2008 Quality Management System
MS 1900: 2005 Quality Management Systems – Requirements from Islamic Perspectives
The BrandLaureate Masters Awards in Interbank Payment Services
Malaysian Book of Records as First IT Company to be Certified from Islamic Perspectives
Top Ten Favourite Brands by Superbrands Malaysia
2015 Cards & Electronic Payments International (CEPI) Asia Payment Awards – Best Peer-to-Peer Payments Initiative (Highly Commended)

External links

Interbank networks by region

Worldwide	Cirrus Plus

Africa	123 Multicaixa

Asia	1LINK ALTO atm⁵ ATM Bersama BancNet Banks ATM Network and Customer Services The Benefit Company Cashnet CashTree China UnionPay Dutch Bangla Bank Nexus Encash Network Service Electronic Payment Services (EPS) Expressnet EZ-Link JETCO LankaPay Link MEPS MEPS+ MegaLink MITR ATM Sharing Network MNET National Financial Switch Nationlink NETS PRIMA/ATM BCA RuPay Saudi Payments Network Shetab Banking System SLIPS Treats/ATM BNI Yucho

Europe	4B Allied Irish Banks Banklink Eufiserv Euro 6000 Euronet Worldwide Girocard Bankcard-Servicenetz Cash Group CashPool Groupement des Cartes Bancaires CB LINK Multibanco Otto. Sbercard Servired Single Euro Payments Area VocaLink Zolotaya Korona

North America	Abby Accel Acculink Alberta Regional Network Alert Allpoint Armed Forces Financial Network ATH BankMate Cactus CarIFS Cash Station CO-OP Financial Services Discover Network Explore Honor Interac Interlink Jeanie Money Access Center MoneyPass MOST NYCE Presto! Pulse SHAZAM STAR SUM TYME Via

Oceania	EFTPOS

South America	Banco 24 Horas Banelco Banred GlobalNet Redbanc Suiche7B

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This article is issued from Wikipedia - version of the 11/26/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.