MEPS (Malaysian Electronic Payment System) is an electronic payment system used in Malaysia. It was developed by the Malaysian Electronic Clearing Corporation (MyClear), a company owned by Bank Negara Malaysia, the central bank of the country.
MEPS enables financial institutions in Malaysia to process electronic payments securely and efficiently. It offers several payment methods, including:
– MEPS Interbank GIRO (MEPS IBG): This is an electronic payment system used for fund transfers between different banks in Malaysia. It allows individuals and businesses to transfer money from their bank account to another bank account in a different bank.
– MEPS Instant Transfer (MEPS IBFT): This payment method allows for instant fund transfers between bank accounts of different banks in Malaysia. The funds are transferred in real-time, meaning the recipient will receive the money immediately.
– MEPS Cash: This service allows users to withdraw cash from an Automated Teller Machine (ATM) using their debit card or bank card.
– MEPS Regional: This is an initiative to extend MEPS payment services to countries in the region. It facilitates cross-border fund transfers between participating banks.