ACI Worldwide has announced that e-Kencana Sdn Bhd (eKSB) has purchased its payment engine, BASE24, as well as the ACI Card Management System and ACI Smart Chip Manager from the company’s payments management suite. This is to establish the world’s first fully Shariah-compliant Islamic payment switch (IPS). eKSB operates Malaysia’s national e-purse scheme, MEPS Cash, for which customers are issued MEPS Cash ATM cards. For the IPS initiative, eKSB has partnered with Al Rajhi Bank of Malaysia and Al Rajhi Bank of Saudi Arabia to provide prepaid cards. eKSB will host the payment switch in Malaysia. eKSB will use BASE24 to authorize and route transactions. The Card Management System and Smart Chip Manager will be used to produce and manage prepaid debit cards for Muslims making the pilgrimage to Mecca during Haj and Umrah. The cards will enable electronic funds transfer (EFT) transactions between Malaysia and Saudi Arabia and allow pilgrims access to their money without carrying large amounts of cash. Al Rajhi Bank customers will be able to access IPS with their ATM or debit cards. Other IPS users will be able to use the service in future.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more