chapter 3
PAYMENTS SYSTEMS
Contents
1
Introduction to pay ment methods and t he re sponsibilit ies of BNM for pay ment s syste ms ... 53
2
The role of the cent ral bank in clearing and sett le ment ............................................. 54
3
Large value pay me nt syste ms and reta il pay ment syste ms ......................................... 55
4
RENTAS........................................................................................................ 56
5
Retail pay me nt syste ms .................................................................................... 56
6
National Elect ronic Cheque Informat ion Clea ring Syste mor eSPICK .............................. 57
7
Other reta il pay ment systems ............................................................................ 58
8
Instrume nts for making e lectronic retail pay ments ............ Error ! Bookmark not defined.
9
Internet banking and mobile banking ............................ Error ! Bookmark not defined.
10 The use of pay me nt syste ms in Malaysia ........................ Error ! Bookmark not defined.
11 Foreign curre ncy pay me nts a nd internat iona l pay ments ..... Error ! Bookmark not defined.
51
The Malay sian Monetary Sy stem
12 SWIFT: the Society for Worldwide Interbank F ina ncial Tele communicat ion Error ! Bookmark not
defined.
Review ............................................................................................................. 59
Glossary key terms .............................................................................................. 60
Multiple choice quest ions ...................................................................................... 62
52
3: Payments systems
Learning objectives
At the end of this chapter you should be able to:

Understand the need for pay ment syste ms

Identify the operators of the main pay me nts syste ms in Ma laysia

Understand the nature of large value pay ment systems and real time gross settle me nt

Describe the functions of R ENTAS, Ma laysia’s large value pay ment syste m

Understand the nature of retail pay me nts retail pay me nt syste ms and retail pay ment instrume nts

Describe the retail pay ments systems, instruments and cha nnels in Malaysia

Recognise the policy of the Ma laysian government and Bank Negara Ma laysia for t he future
development of pay ment syste ms

Understand how foreign pay ments are settled and how foreign exchange transactions are settled.

Understand the role of SWIFT as a messaging service for internationa l pay ments.
Introduction
With the exception of cash pay ments, pay ments between individuals and organisations are settle d at
some time through the ba nking syste m. This chapter explains the features of syste ms in Malaysia for
ma king pay ments through the ba nking syste m and the various instruments for ma king pay me nts.
The main focus of the chapter is on pay me nt syste ms within Ma laysia, but the settle ment of foreign
payments is also expla ined briefly.
The use of e lectronic payme nt syste ms is increasing, and there will be a decline in the use of cash and
cheques.
1 Introduction to payment methods and the responsibilities
of BNM for payments systems
All businesses and individua ls need a system for money transmission, so that they can pay for goods and
2services, and transfer money to other pe ople. A pay ments syste m has been define d by t he Bank for
Internationa l Settle ments as follows: ‘A pay ment syste m consists of instruments, banking procedures and
typically interbank funds transfer systems that ensure and facilitate the circulation of money. In essence,
it facilitates corporations, businesses and consumers to transfer funds to one another.’
1.1 Cash transactions
In Malaysia, a very large volume of pay ment transactions between individua ls and businesses are settled
in cash, with ba nknotes and coins. Cash is popular and people understand it. Although it is wide ly used,
it has some important disadvantages.

There is a security risk when cash is he ld in large qua ntities. It can be difficult to store and carry
conveniently, and it is easily stole n.

It is inconvenie nt for very large pay ments.

It may also be inconvenient for small pay me nts, when individuals wa nt to pay for an ite m quickly,
such as a bus ticket, without having to wait for change.
A large e conomy needs other pay ment syste ms, in addition t o cash.
1.2 Cheques
A payme nts syste m ena bles one person to ma ke a pay ment to another person through the ir ba nk
accounts. Individuals and organisations use bank accounts to store most of the ir money, and can
53
The Malay sian Monetary Sy stem
transfer money to other people through their bank account. Cheques are a we ll-established and common
method of pay ment.
However, there are disadvantages with cheques as a method of pay ment.
They are a paper instrument. When the volume of pay ments by cheque is large, banks must process a
large a mount of paper. This takes a great deal of time, effort and cost.
1.3 e-payments
Electronic pay ments (e-pay ments) re quire little or no pa per, and they can be processed quickly. An
efficient banking syste m should ma ke extensive use of e-pay me nt methods, so that larger volumes of
transactions can be processe d efficiently and in a secure way.
1.4 Roles of BNM
In Malaysia, Bank Ne gara Malaysia has responsibility for the development of the banking syste m,
including pay ment syste ms. Its objectives are to e nsure that pay ment syste ms are secure and
convenient for users, and that the public has confidence in the m. In pursuit of this objective, its policy is
to encourage the development of e-pay ment systems.
BNM has three inter-connected roles in pay ments syste ms, under the Pay me nt Syste m Act 2003:

Oversight. BNM is the sole authority for oversight of the pay ment syste ms in Malaysia

Operation. Through its subsidiary MyClear, it operates the principal pay ment syste ms

Facilitator for development. It has responsibility for encouraging the development of pay ment
systems.
2 The role of the central bank in clearing and settlement
A payme nt is ma de by one person to another. The person making a pay me nt is the payer.The per son
receiving the payme nt is the payee.

If a pay ment is made by a payer to a payee within the sa me bank, there is a transfer of funds
from one current account to anot her within the bank.

In ma ny cases, whe n pay ments are ma de through the banking system, the bank accounts of the
payer and payee are with different banks.For these pay ments, there is a transfer of funds from
the account of the payer at one bank to t he account of the payee at a different bank.

Banks can ma ke these inter-bank transfers of pay me nts through the accounts that they have with
Bank Ne gara Malaysia.
Commercia l banks and some other financial institut ions maintain accounts with BNM.

They are require d to hold money in specia l accounts known as statutory reserve accounts. These
are explaine d in a later chapter.

They also hold money in curre nt accounts. They use these current accounts to make pay ments to
and rece ive pay ments from other banks, in settle me nt of pay ments between their customers.
They also use the accounts for settle ment of pay ments between the ir customers and the ce ntral
government, which also ma intains accounts with BNM.
The ce ntral bank therefore facilitates settle ment of inter-ba nk pay ments by allowing low-cost transfers
across the accounts of the ba nks:


for large ‘wholesa le’ pay ments and a lso
thetransfer of net a mounts payable between banks for the settle me nt of ‘retail’ pay me nts.
2.1 Terminology: clearing, settlement and payment
It may be helpful to define some of the terms that are commonly used in pay ment sy ste ms.
54
3: Payments systems

Clearing. Clearing is the process of calculating a mounts due to each bank and from each of the
other banks, confirming that these ca lculations are correct and che cking that the paying banks
have sufficient funds for settle ment.

Settlement is the transfer of funds in settle me nt of the paying bank’s obligations.

Payment is settle ment by means of a transfer of funds. (In other settle me nt syste ms, settle ment
may be achieved by means of transfer of funds aga inst transfer of financial securities or ot her
financia l instruments.)
For the purpose of this chapter, it is sufficient to understand that within the banking system of a country
payments between customers of different banks are settle d through the accounts that the commercial
banks keep with the central bank.
The main concern if this chapter is the pay ment syste ms used by the customers of the banks to make
payments within the banking syste m.
3 Large value payment systems and retail payment systems
Payments systems can be divided into two types:

Large value payment systems: these are used for making large-sized pay ments between
banks. These may be payme nts for inter-bank settle ments or for the settle ment of specific large
transactions by customers of the banks.

Retail payment systems: these are used for sma ller-sized pay ments. Most pay ments by
individua ls and small businesses are reta il pay ments.
3.1 Payment system operators
The main operators of pay ment systems are:


Malaysian Electronic C learing Corporat ion (MyClear)
Malaysian Electronic Pay ment Syste m (MEPS)
MyClear is a wholly-owned subsidiary of BNM. It is responsible for the operat ion of:

RENTAS, the large value pay ment syste m

Nationa l Electronic Cheque Information C learing Syste m (eSPIC K)

The following e-pay me nt syste ms:
–
the interbank GIRO pay ments (IBG) syste m
–
Financial Processing Exchange (FPX)
–
the electronic debit syste m
–
Mobile Banking.
MyClear acquired ownership and control of these e-payme nt syste ms from MEPS in 2011. This purchase
was an e le me nt in the government ’s Economic Tra nsformation Progra mme (ETP), which aims to evolve
Malaysia ’s fina ncia l serv ices sector to serve the needs of businesses and consumers through creating an
integrated pay ment syste m.
MEPS is a consort ium owned equally by 12 local banks and the services that it provides are summarised
below.

It issues the Bankcard, which is used at A TMs for cash withdra wals, ele ctronic direct debit
payments (as a debit card) to participating businesses and a lso for some on-line and real-t ime
interbank transfers. Mobile phone users ca n a lso use the ATM network to top up their prepa id
mobile phone account.

It operates the shared nationwide ATM network.

It offers shared regiona l A TM services through cross -border ATM links with China, Indonesia,
Singapore and Thailand. Bankcard card holders can use the associated A TM networks in those
countries.
BNM, through MyClear, is therefore the major operator of pay ment syste ms.
55
The Malay sian Monetary Sy stem
4 RENTAS
In Malaysia, the only large value pay ment syste m is called RENTAS. RENTAS is used by ba nks for the
following purposes:

To transfer funds betwee n banks in large value pay ments

For banks to withdraw cash from the ir de posits (accounts) with Ba nk Negara Ma laysia

To make adjust me nts to the statutory reserve require ments t hat the ba nks must hold with Bank
Negara Malaysia: BNM occasiona lly increases or reduces the a mount of statutory reserves that the
banks must hold

To settle money market transactions: the money markets are described in the next chapter

To settle the ringgit part of large foreign currency transactions

For thetransfer of scripless securities.Scripless securities are securit ies such as Ma laysian
government debt securities that are issued in e lectronic form and not in paper form.
RENTAS is operated by MyClear (Ban k Negara Malaysia ) and me mbership is restricted to licensed
financia l inst itutions in Malaysia. The me mbers are not just the convent ional commercial banks a nd
Isla mic banks, but a lso invest ment banks, Development F inancial Inst itutions and non -bank financia l
institut ions t hat operate in t he money markets or capital market. RENTAS is also use d by the
government.
The settle ment of pay ments is through the accounts with BNM of the participants (me mbers).Although
RENTAS is for large va lue pay me nts, there is no minimum limit for pay ments between me mber
institut ions. However there is a minimum limit of R M10,000 for pay ments that originate from a nonRENTAS me mber, but this limit does not apply to pay ments to or from t he government or BNM itself.
RENTAS operates on a real-time gross settlement (RTGS) basis. This mea ns that:

Transactions are settled throughout the day, as they occur (‘in real time’). In the past,
settleme nts were all made at the end of each day, and not continually throughout the day. There
is a lso no de lay in clearing a nd settle ment, which means that pay ments through R ENTAS are
settled on the day that they are init iated.

Settle ments are for the full a mount (the gross a mount) owed by one bank to another. For
example, if Bank A has to make a pay me nt of R M 250,000 to Bank B a nd Bank B has to ma ke a
payment of R M200,000 to Bank A, both pay me nts are settled in full, as separate transactions.
There is no ‘netting’ of the pay ments, and Bank A does not a pay ment of R M50,000 to Bank B for
the difference in the a mounts owed to each other.
An important point to note about R ENTAS is that, as a large value pay ment syste m, it is a systemically
important payment system (SIPS), used for high-value and time-critical payments. BNM has
commented (on its web site) that:’ It is an essentia l payme nt syste m to ensure the smooth functioning of
the economy, fina ncia l syste m and financial markets, and its failure could trigger disrupt ions or transmit
shocks within the economy and the financia l market, both at the domest ic a nd potentially at the crossborder level.’
5 Retail payment systems
Retail pay me nts are syste ms for sma ll pay ments by individua ls and businesses. These are the pay ment
systems, other tha n cash, that you use in your daily life.
BNM suggests that retail pay ments in Malaysia can be divided into three:

Types of retail pay ment syste ms
–
56
–
Nationa l Electronic Cheque Information C learing Syste m, also ca lle d eSPICK a nd
theCheque Truncation a nd Conversion System (C TCS)
Shared ATM Network (SAN)
–
Interbank Giro (IBG)
3: Payments systems
–
–

Types of retail pay ment instrume nt
–
–
–
–
–

Financial Process Exchange (FPX)
Direct debit
Cheques
Credit cards
Charge cards
Debit cards (bank cards)
E-money
Types of retail pay ment cha nnels
–
–
–
Internet banking
Mobile banking
Mobile pay ment
BNM has promoted the development of electronic pay ment sche mes (‘e -payme nt sche mes’) in Malaysia.
It allows banks to offer retail pay ment services and also ma kes it possible for issuers of e lectronic money
(‘e-money’) to enter the pay ment services mar ket in order to encourage competit ion and greater
efficiency in pay me nts.
6 National Electronic Cheque Information Clearing Systemor
eSPICK
The Nationa l Electronic Cheque Informat ion Clearing System, a lso called eSPICK and the Cheque
Truncat ion a nd Conversion Syste m (C TCS), was introduced from 2008, to replace the previous system
for clearing pay ments by cheque. (This old syste m was ca lled SPICK). The syste m is operated by
MyClear.
The purpose of the syste m is to clear and settle pay ments by cheque.
In the old SPICK syste m, clearing cheques was a process that involved the physical transfer of pa per
cheques from the payee’s bank to the payer’s bank. The eSPICK system re moved the nee d for the
physical move me nt of cheques a nd re placed the old SPIC K syste m wit h a faster and more efficient
electronic process for clearing and pay ment.
The syste m has two e le ments: cheque truncation a nd cheque conversion.

The cheque truncation systemcaptures an e lectronic image from the Magnetic Ink Character
Recognit ion (MICR) data on the che que. Only the MICR data is captured, not a digital ima ge of
the entire cheque. This digital ima ge, and not the cheque itse lf, is used in the clearing process.

The cheque conversion system converts this MICR data into an automated pay ment
instruction to ma ke the pay ment from the bank account of the payer (‘debit the a ccount ’ of the
payer at the payer’s bank and ‘credit the account’ of the person re ceiving the pay ment).
Unlike pay ments by RENTAS, pay me nts by cheque are not cleared and settled on the sa me day. In spite
of the greater efficie ncy in the cheque pay ment syste m with the introduct ion of CTCS, there is still some
delay in clearing payme nts.
E X A M P L E
A cheque is presented for pay ment to a ba nk. This bank, known as the colle cting bank or service
provider, will sca n the paper cheque and capture the MICR coded data. This digital image of the MICR
data is the n transmitted through the pay ment syste m. The ele ctronic transmission goes f irst to a
centralised clearing zone computer (the ‘clearing house’ for pay ments), which then forwards a pay ment
instruction to the pay ing bank. The physical cheque re ma ins with the collecting bank.
57
The Malay sian Monetary Sy stem
The eSPICK syste m has increased the efficiency of the cheque clearing syste m, because it re moved a
require me nt for the physical cheques to be transferred as part of the pay ment process.
If a cheque is dishonoured, the payee will norma lly be sent a n Image Return Document (IRD), not the
original cheque. If the payee wishes to re-submit the pay ment (for exa mple, because the payer now has
funds in his account but did not have the funds earlier), he submits the IRD.
7 Other retail payment systems
7.1 Shared ATM network (SAN)
MEPS operates a shared network of automated te ller machines (ATMs), commonly known as cash
ma chines. Customers of banks in the syste m are issued with Bankcard, a chip-based card that can be
used with A TMs. The network is shared by most of the commercia l banks in Malaysia and can be used by
card holders to:



withdraw cash
ma ke interbank fund transfers, such as pay ments of utility bills
top up mobile phone ba lances.
E X A M P L E
An individual wants to take cash from a n ATM and can go to any ATM in the net work. The card holder’s
personal ide ntification number (PIN) and instruct ions to withdraw cash are entered into the machine.
The instruct ions are transferred for authorisation from the host computer for the ATM to the host
computer for the card holder’s ba nk. The pay ment is authorised and cash is paid out from t he machine.
The card holder’s ba nk account is imme diately debited with the a mount of the pay ment.
In its 2011 Financial Stability a nd Pay me nts Syste m Re port, BNM commented that ATMs are now ‘wide ly
used’ for interba nk fund transfers, loan a nd card repay me nts and bill pay me nts for ut ilities.Exa mple text
here
e-Debit
Customers of part icipating banks can use the ir ATM cards to ma ke e-de bit pay ments to pay for
purchases from retail outlets, by inserting the card into a point of sale terminal and entering the PIN
(personal identification number) for the card.
HOUSe
A separate ATM syste m, HO USe, is shared by four loca lly -incorporated foreign banks (HSBC, OCBC Bank,
Standard Chartered and UOB Bank). This network offers cash withdrawa l and account e nquiry services.
Although these ba nks have established their own share d ATM network HOUSe, they are participants in
the IBG syste m, which until 2011 was owned a nd operated by MEPS.
58
3: Payments systems
REVIEW

Many pay ments are settled in cash. Che ques are a common method of pay ment through the
banking system, but the cheque clearing syste m is slow and cost ly.

Bank Ne gara Malaysia has responsibility for oversight of pay ment systems, the operation of the
ma in pay ment syste ms and for encouraging the development a nd improve ment of payme nt
systems.

Eventually, pay ments between customers of different banks in Malaysia are settled through
operational bank a ccounts that each bank has with BNM.

Payment systems consist of a large value pay ment system and retail pay me nt syste ms for smaller
payments. Most pay me nts by individua ls a nd small businesses are retail pay ments.

Malaysian Electronic C learing Corporat ion (MyClear) is a wholly -owned subsidiary of BNM, with
responsibility for the operation of the RENTAS, eSPICK and (since 2011) I BG, FPX, electronic debit
and mobile ba nking syste ms.

Malaysian Electronic Pay ment Syste m (MEPS) operates a shared nationwide A TM network a nd
issues Bankcards.

RENTAS is Malaysia ’s large value pay ment system. It is a rea l t ime gross settle ment syste m.
Me mbership of RENTAS is restricted to licensed financial institut ions. The settle me nt of pay me nts
through R ENTAS is t hrough the operationa l bank accounts he ld by RENTAS me mbers with BNM.

Nationa l Electronic Cheque Information C learing Syste m, also known as eSPIC K and the Cheque
Truncat ion a nd Conversion Syste m (C TCS), is the system for clearing a nd settle ment of pay ments
by cheque.

Some pay me nts, as we ll as cash withdra wals, can be made using Bankcards through the shared
ATM network (SAN) operated by MEPS. ATM cardholders may a lso use their card to make e-debit
payments. Four locally-incorporated fore ign banks operate a separate A TM syste m, HOUSe.

The Interbank GIRO (IBG) syste m is used for electronic transfer pay ments between banks.
Customers can use t he IBG syste m for making fast pay ments or standing order pay ments.

Financial Process Exchange (FPX) is a secure pay ments system for holders of an internet bank
account, for ma king pay ments to mercha nts who are linked to the FPX syste m.

Credit cards are use d wide ly for retail pay ments. Debit cards and charge cards are less common.
E-money cards such as Touch’n Go cards, can be used for ma king pay me nts from an e lectronic
purse to organisations that accept the card.

BNM e ncourages the use of e lectronic pay me nt syste ms, and plans a major increase in the use of
electronic pay ments and a decline in the use of che ques, in its fina ncia l plan to 2020.

Currently RENTAS is used for most pay ments by value. Excluding cash, cheque pay ments are
currently the ma in method by value for retail pay ments.

Internationa l pay ments are made through correspondent banks. Fore ign banks have a
correspondent bank in Ma laysia for making or receiving pay ments in ringgit on behalf of their
customers.

Foreign currency transactions involve the purchase of a quant ity of one currency in exchange for
another curre ncy. The settle ment of the ringgit side of FX transactions is through RENTAS.
RENTAS is linked to the USD C HATS syste m in Hong Kong, for simultaneous settle ment (pay ment
versus pay ment) of ringgit-US dollar transa ctions.

SWIFT is an international organisation, based in Be lgium. It operates an internationa l messaging
system that enables banks in different countries to communicate using standardised messages.
SWIFT messages are used to initiate international pay ments, but SWIF T is not a pay me nts
system.
59
The Malay sian Monetary Sy stem
GLOSSARY KEY TERMS
60
ATM:
Automated Te ller Ma chine, or cash ma chine.
Charge card:
Card for ma king pay me nts to merchants. Similar to a
credit card except that purchases by the card each
month must be pa id for in full at the end of the month.
Not in common use in Ma laysia.
Cheque conversion:
Conversion of the electronic image of the MICR data on
a cheque into an automated pay ment instruct ion
through t he eSPICK syste m.
Cheque truncation:
Process of making an e lectronic ima ge of the MICR
data on a cheque, in order to create a pay ment
instruction through the e SPICK syste m.
Clearing:
In a bank pay ment system, the process of ca lculating
amounts due by banks to ea ch other, confirming that
the calculations are correct and checking that the
paying banks have sufficient funds to ma ke the
payment.
Correspondent bank:
Bank that assists a fore ign bank to ma ke and rece ive
payments in the currency of the corresponde nt bank.
The fore ign bank ma intains an account with its
correspondent bank.
Credit card:
Card for ma king pay me nts to merchants. The
cardholder may make purchases up to a max imum limit
(credit limit).
Debit card:
Card for ma king pay me nts direct from the cardholder’s
bank account. ATM cards can be use d as debit cards.
Direct debit:
Electronic pay ment from a payer’s bank account to a
payee. Direct debit pay ments are usually regular
payments, for exa mple pay ments of utility bills. The
payer gives init ial authorisation for pay me nts and
subsequently pay ment instruct ions are submitted to
the payer’s bank by the payee.
Electronic purse:
A sum of money held in a n e lectronic account, for
spending with an e-money card.
GIRO:
System for ma king interbank pay ments, from the
payer’s bank (at the payer’s request) to the payee’s
bank.
Gross settlement:
Settle ment of a n obligation in full. Gross settle ment
between banks differs from net settle me nt, where the
amount of t he pay ment is the difference between total
amounts payable and total a mounts rece ivable.
MICR:
Magnetic Ink Character Recognit ion. This refers to the
special lettering on a cheque, read automatica lly in the
cheque truncation process.
Payee:
Person rece iving a pay ment
3: Payments systems
Payer:
Person ma king a pay ment
Payment:
Settle ment of a n obligation by means of transfer of
money
Real time gross settlement (RTGS):
See Real time and see Gross settle ment
Real time settlement:
Immediate settle me nt of obligations. Settle ment in real
time differs from delayed settle ment, say settle ment at
the end of each working day.
Retail payments:
Payments of relat ively sma ll a mounts, through a retail
payment system.
Settlement:
Discharge of an obligation. In a bank pay ments
system, settle ment is by pay ment (transfer of funds).
In a transa ction for the sale/purchase of securities,
settleme nt by one party is by pay ment of money and
settleme nt by the other party is by transfer of the
securities.
Standing order:
Payment made regularly by a payer to a payee, (unlike
direct de bits) on the instruct ion of the payer.
61
The Malay sian Monetary Sy stem
MULTIPLE CHOICE QUESTIONS
The following mult iple choice quest ions test your understanding of some of the details provided in this
chapter.
1
2
3
4
5
6
62
What does ‘real time ’ settle ment mean in the context of pay ment syste ms?
A
Payment of the full a mount
B
Payment as soon as the transaction is e ntered in the syste m
C
End-of-day settle me nt
D
Electronic pay ment
Which one of the following state ments is correct?
A
A payme nt transfer between a payer and a payee in the sa me bank must go through a n
interbank settle me nt syste m.
B
Banks cannot withdraw money from their accounts with BNM.
C
There are no limits on the size of pay ments that can be ma de through RENTAS.
D
RENTAS is a syste mically important pay ment syste m.
Which one of the following now has operationa l responsibility for t he interba nk GIRO syste m?
A
MEPS
B
RENTAS
C
MyClear
D
BNM
Which one of the following is a real-t ime gross settle ment syste m for ma king interba nk
payments?
A
RENTAS
B
eSPICK
C
SWIFT
D
IBG
The cheque truncation part of the C TCS syste m is operated by:
A
creating a n automated pay ment instruction from the data on a cheque
B
transferring a cheque from the collecting bank to the paying bank
C
capturing the e ntire ima ge of a cheque in digital form
D
capturing a digital image of the MICR data on a cheque.
Which one of the following pay ment syste ms might be used by a compa ny to obta in regular
payments from a customer over t ime, by instruct ing the customer’s bank a bout the size of each
payment?
A
IBG
B
Direct debit
C
Cheque
D
E-debit
3: Payments systems
7
8
9
10
Which one of the following is a credit card?
A
MasterCard
B
Bankcard
C
American Express
D
Touch’nGo
In 2011 and excluding cash, which one of the following pay me nt syste ms processed the largest
amount of pay ment transact ions by value?
A
RENTAS
B
eSPICK
C
ATM network
D
e-money
In 2011 and excluding cash, which one of the following pay me nt syste ms processed the largest
amount of pay ment transact ions by volume (number of transactions)?
A
RENTAS
B
eSPICK
C
ATM network
D
e-money
Which one of the following may be se nt to a Ma laysian bank using the SWIF T syste m?
A
A payme nt transfer
B
A payme nt instruction
C
Request to transfer funds between the bank’s de posit accounts with SWIFT
D
Request to clear a pay ment for settle ment
You will find the solutions to these questions at t he end of this study text.
63
The Malay sian Monetary Sy stem
64