Kuala Lumpur (29 September 2015) – Malaysian Electronic Payment System Sdn Bhd(MEPS) announced that its member banks will waive the fee for its real-time Instant Transfer(previously known as Interbank Funds Transfer or “IBFT”) service. The zero fee is applicable for transactions at the Internet and Mobile Banking channels of all MEPS participating banks effective from 1 October 2015 to 31 December 2015. The Instant Transfer fee at ATMs remains at RM0.50.

16 Banks that offer Instant Transfer services via their Internet Banking are Agrobank, Affin Bank, Alliance Bank, Bank Islam, Bank Muamalat, Bank Rakyat, CIMB Bank, Citibank, Hong Leong Bank, HSBC Bank, Kuwait Finance House, Maybank, OCBC Bank, Public Bank, RHB Bank and Standard Chartered Bank.

Meanwhile, 6 banks that offer Instant Transfer services via Mobile Banking are Bank Islam, CIMB Bank, Citibank, OCBC Bank, Public Bank and Standard Chartered Bank.

“This initiative demonstrates the banks’ and MEPS’ full support for Bank Negara Malaysia’s e-Payment adoption,” explained Zulkanain Kassim, Group Managing Director of MEPS. “To promote and speed up the take-up rate of funds transfer services, the banks are offering Instant Transfer transactions for free till year-end.”

In June 2015, Malaysia’s premier interbank network provider imposed a reduction of between 50% to 88% from the previous interbank funds transfer fee range of between RM1 2 to RM4. This resulted in a standardized ceiling fee of RM0.50 at ATMs, Internet and Mobile Banking channels.

Instant Transfer is an e-payment service which allows customers to instantly and securely transfer funds from one account in one bank to another account in another bank. Customers are assured of a safe transfer with the recipient’s details displayed for the sender’s confirmation. Upon confirmation, the recipient’s account is credited instantly and the funds are made available immediately.

Instant Transfer also includes credit card payment and loan / financing repayment for customer’s convenience. With such ease, customers no longer have the fear of wrongful credit or missing the payment deadline. On top of that, there is no need to issue cheques or use a cash deposit machine for making such transfers or payments.

This service is available at ATMs under the MEPS Shared ATM Network, Internet and Mobile Banking facilities of participating banks.

“In light of the current economic situation, it is also timely that the banks introduce the fee waiver that will benefit all Malaysians in alleviating any financial difficulties,” added Zulkanain Kassim.

“This is certainly a welcome move by the banks and MEPS and good news for the public and businesses,” commented Bank Negara Deputy Governor, Dato’ Muhammad bin Ibrahim. “It is the Central Bank’s hope and aspiration that more and more people will start using Instant Transfer as a lifestyle when making payments.”

By 2020, Bank Negara Malaysia targets to increase the number of e-payment transactions per capita from 72 transactions to 200 transactions, and reduce cheques from 177 million to 100 million per year.