Payments Network Malaysia Sdn Bhd (PayNet) has appointed AmBank (M) Berhad as the cash management bank for its Direct Merchant Settlement (DMS) services. DMS is made possible using AmBank\u2019s Electronic Invoice Presentment and Payment (EIPP) system.<\/p>\n
With the implementation of DMS, FPX and MyDebit merchants\u2019 daily sales proceeds can now be paid directly, without passing through the acquirers\u2019 bank accounts; thereby reducing the merchants\u2019 risk exposure to acquirers.<\/p>\n
According to Peter Schiesser, Group Chief Executive Officer of PayNet, \u201cPayNet conceptualised DMS to mitigate settlement risks arising from non-bank Acquirers participation in FPX and MyDebit. Our intent was to safeguard public confidence in our FPX and MyDebit eco-systems by ensuring that payments from customer purchases are directed to merchants correctly and on a timely basis.\u201d<\/p>\n
Additionally, DMS has improved both PayNet and acquirers\u2019 risk monitoring through thresholds and alert mechanisms. Besides benefiting the merchant, PayNet will be able to complement the acquirers\u2019 own risk monitoring by setting daily merchant crediting thresholds and alert the acquirers should an abnormally large amount is detected. Over time, both PayNet and acquirers would be able to build a pattern of merchant payment proceeds, and unusual deviations from these patterns can be flagged for review and investigation.<\/p>\n
The official launch ceremony was held yesterday at VE Hotel and Residence, Bangsar South with the presence of Datuk Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group, Peter Schiesser, Group Chief Executive Officer, PayNet, Raja Teh Maimunah Raja Abdul Aziz, Managing Director, Wholesale Banking Coverage, AmBank Group, Ho Chee Mun, Acting Head of Transaction Banking, AmBank Group along with the senior management of AmBank Group and PayNet.<\/p>\n
\u201cI would like to congratulate PayNet for introducing DMS which allows them to centrally manage TPA payments to merchants and at the same time enhances merchants\u2019 collections process. AmBank is delighted to have been appointed as the sole cash management bank for DMS,\u201d said Sulaiman.<\/p>\n
\u201cWe are extremely pleased to collaborate with PayNet to successfully integrate AmBank\u2019s corporate banking solution with DMS to provide an efficient, cost-effective and highly automated cash management and transaction banking services,\u201d added Sulaiman.<\/p>\n
The TPAs under the DMS programme are ManagePay Services Sdn Bhd, Mobility One Sdn Bhd, MOLPAY Sdn Bhd, Revenue Harvest Sdn Bhd, Revenue Solution Sdn Bhd, Ipay88 Sdn Bhd, GHL CardPay Sdn Bhd and GHL ePayments Sdn Bhd.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Payments Network Malaysia Sdn Bhd (PayNet) has appointed AmBank (M) Berhad as the cash management bank for its Direct Merchant Settlement (DMS) services. DMS is made possible using AmBank\u2019s Electronic Invoice Presentment and Payment (EIPP) system. With the implementation of DMS, FPX and MyDebit merchants\u2019 daily sales proceeds can now be paid directly, without passing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-2165","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/2165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=2165"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/2165\/revisions"}],"predecessor-version":[{"id":4407,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/2165\/revisions\/4407"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=2165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=2165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=2165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}