Kuala Lumpur, 1st June 2011 – Malaysia’s premier payment network provider, Malaysian Electronic Payment System Sdn Bhd (MEPS), today announced that MEPS Interbank GIRO (MEPS IBG) transactions are up by 20% for the first quarter of 2011, as compared to the previous year, 2010. MEPS IBG is an efficient, convenient and secure interbank funds transfer service that facilitates payments up to RM500,000 per transaction.

According to MEPS Group Managing Director, Mohd Suhail Amar Suresh, the recorded transaction growth is impressive and definitely higher than forecasted.

“We recorded over 13.4 million transactions which was 12% more than our projections. There is a strong demand for the MEPS IBG service and MEPS is continuously investing resources to enhance the service for the benefit of our member banks and their customers. By Q2 next year, MEPS IBG will be enhanced to facilitate real time transfer of funds, thus allowing the crediting of funds into the beneficiary’s account almost immediately,” said Mohd Suhail.

In addition to introducing the said enhancement, MEPS has also focussed on increasing the number of financial institutions in the service. To date, there are 25 financial institutions participating in MEPS IBG with the most recent member, Sumitomo Mitsui Banking Corporation (SMBC) going live in early-May this year.

“We are pleased that Sumitomo Mitsui Banking Corporation is now offering the MEPS IBG service to its corporate clients. MEPS IBG allows SMBC’s corporate customers to collect funds and pay employees or vendors more efficiently. It facilitates greater control over settlement, making forecasting of cash flow easier as well as reduces the costs associated with paper-based payments”, Mohd Suhail added.

MEPS IBG is recognised as a key e-payment service in support of the Government’s Economic Transformation Programme agenda to reduce usage of cheques and go cheque-less by 2020.