Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear)

Incorporated in October 2008, Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) offers a full-suite of e-payment solutions catering to different financial needs of customers that includes the financial institutions, corporations, retailers and consuming public.

MyClear's services consist of large value payment and retail e-payment solutions that allow corporations and individuals to make payments and transfer funds effortlessly and safely. MyClear aims to be one of the main players in the region by providing solutions to the customers in ensuring convenient, secure, fast and efficient e-payment transactions.

The large value payment services offered by MyClear are:

* Real Time Electronic Transfer of Funds and Securities (RENTAS)
Provides multi-currency real-time gross settlement of interbank fund transfers, multi-currency debt securities settlement and depository services for scripless debt securities and MYR/USD Payment versus Payment (PvP) settlement via USD CHATS (Clearing Housed Automated Transfer System) for its members. RENTAS multi-currency enables payment instructions between the participants of the system to be processed and settled individually and continuously throughout the working day.

* National Electronic Cheque Clearing System (e-SPICK)
An image-based clearing system where the cheque image and magnetic ink character recognition (MICR) code line data are captured and transmitted electronically to facilitate clearing.

* Securities Services

The retail e-payment services offered by MyClear are:

* e-Debit
Chip-based ATM cards issued by Malaysian banks. It provides convenience to the consumers as they will only need to bring their ATM card for purchases.

* Direct Debit
With Direct Debit, bill payments will be made on time. Direct Debit offers companies a simple way to manage incremental payments from customers.

* Interbank GIRO
Funds can be transferred via electronic banking channels by debiting customer account and crediting into beneficiary accounts between participating banks.

* Financial Process Exchange (FPX)
With FPX, consumers could make payments for online purchases by paying directly from their banking accounts.

* Mobile Business
A solution to access any of your banking accounts, make bill payments, reload you mobile or make funds transfer to any mobile number.

MyClear is a wholly-owned subsidiary of Bank Negara Malaysia (Central Bank of Malaysia)
Address:   Malaysian Electronic Clearing Corporation Sdn Bhd
Wisma Air Products, Tower 2A
Avenue 5, Bangsar South
8 Jalan Kerinchi
59200 Kuala Lumpur

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Keywords :  
e-payment   fpx   e-debit   direct debit   interbank giro   e-spick   rentas   mymobile   online payment   malaysia   internet payment
Guide ID: 3208 - Last Updated: March 26, 2015