FREE IBFT Service until December 2015!

FREE FREE FREE!

From 1st October 2015 to 31st December 2015, Malaysian Electronic Payment System Sdn Bhd (MEPS) and its member participating banks are offering FREE service for Instant Interbank Fund Transfer (IBFT) via internet or mobile banking. That's right! Service fee waiver for Instant Interbank Fund Transfer (IBFT)! FREE! Zero charges! Every thing is instant! Ultimately, you get to save some of your Ringgit!

Instantly, all users get enjoy the following:

1. Interbank Funds Transfer
2. Credit Card Repayment
3. Loan Repayment
4. Financing Repayment

The participating member banks are:

Below article is cited from BERNAMA

MEPS, Banks Offer Free Interbank Funds Transfer Service From Oct 1 Till Year-end

KUALA LUMPUR, Sept 29 (Bernama) -- Malaysian Electronic Payment System Sdn Bhd (MEPS) and its member banks will waive the fee for its real-time Instant Transfer, previously known as Inter-bank Funds Transfer (IBFT) service, from Oct 1, 2015 to Dec 31 2015.

In a statement Tuesday, MEPS said the zero fee was applicable for transactions on the Internet and mobile banking channels of the participating banks.

However, the Instant Transfer fee at automated teller machines (ATMs) remained at 50 sen, it said.

In June 2015, the interbank network provider imposed a reduction of between 50 per cent and 88 per cent from the previous IBFT fee range of between RM1 and RM4 which resulted in a standardised ceiling fee of 50 sen at ATMs, Internet and mobile banking channels.

Its Group Managing Director, Zulkarnain Kassim, said the initiative showed that the banks' and MEPS' full support for Bank Negara Malaysia's (BNM) e-Payment adoption.

"In light of the current economic situation, it is also timely that the banks introduce the fee waiver that will benefit Malaysians in alleviating any financial difficulties," Zulkanain said.

By 2020, BNM is targeting to increase the number of e-payment transactions per capita from 72 to 200 and reduce cheques from 177 million to 100 million per year.

The 15 banks that offer Instant Transfer services via their Internet Banking are Agrobank, Affin Bank, Alliance Bank, Bank Islam, Bank Muamalat, Bank Rakyat, CIMB Bank, Citibank, Hong Leong Bank, Kuwait Finance House, Maybank, OCBC Bank, Public Bank, RHB Bank and Standard Chartered Bank.

The six banks that offer Instant Transfer services via Mobile Banking are Bank Islam, CIMB Bank, Citibank, OCBC Bank, Public Bank and Standard Chartered Bank.

-- BERNAMA
source: http://www.bernama.com/bernama/v8/newsindex.php?id=1175127

If you uncertain about MEPS, do check it out 'MEPS? What or Who is MEPS?'.

MEPS? What or Who is MEPS?

Grab the nearest automated teller machine (ATM) card or debit card of yours, and flip it to the back. Notice that most of the cards come with a "MEPS" logo? Ever wonder what is MEPS? Or who is MEPS?

Some Debit Cards with MEPS, some without!

So what is MEPS?

MEPS, the Malaysian Electronic Payment System, is an interbank network service provider in Malaysia, which supports domestic, development, Islamic and foreign banks.

More about MEPS?

Malaysian Electronic Payment System, formerly known as Malaysian Electronic Payment System (1997) Sdn Bhd, is a payment consortium owned equally by 11 local banks. Its subsidiary company is MEPS Currency Management Sdn Bhd (MCM).

MEPS plays the integral role in the implementation of smart cards for automated teller machine (ATM) cards, which are an upgrade to chip-based cards from previous magnetic-stripe cards issued to all banks' customers.

The card is also known as Bankcard, a card with multiple functions. There are three main functions that can be used, namely ATM (with various combinations of banking transactions), e-debit (online purchase payment) transactions at participating merchants and MEPS Cash (load in a monetary value into a bank card chip) and pay at participating merchants.

MEPS’ role encompasses:

• Development and implementation of payment services
• Provision and management of shared infrastructure for participating financial institutions
• Operating e-payment clearing and settlement systems for the financial industry
• Governing adherence to relevant standards
• Developing technical standards and specifications for the Smart Card
• Certification services for payment smart card and personalisation centres

MEPS services, through its network to all participating banks:

• Nationwide Shared ATM Network – An interbank switching infrastructure network for routine banking transactions including but not limited to cash withdrawal, funds transfer, credit card and loan repayment, account balance inquiry, mobile prepaid top-up, MEPS CASH loading and Touch n’ Go top-up
• Cross-Border Initiative – A cross-border ATM network / link with 6 countries; currently providing inter-country cash withdrawal services and will be expanded to include inter-country funds transfer and balance enquiry
• Regional Switching for Financial Institutions – Provision of ATM switching services for member banks amongst their regional branches
• MEPS ATM – Deployment of white-label ATMs which are owned and managed by MEPS. The ATMs offer services ranging from domestic and cross-border cash withdrawal, domestic balance enquiry and funds transfer. Cardholders of participating banks in Malaysia have access to these ATMs while cash advance facilities for MasterCard and Visa cardholders would be enabled soon
• Payment Multi-Purpose Card Specification (“PMPC”) – A proprietary ATM and Debit chip-card standard which was developed by MEPS. MEPS is the central coordinating body for the national implementation of the PMPC and is responsible for developing the PMPC chip card specification, technical standards, technical integration, support and coordination

Do visit MEPS official site for more information!