System Will Be World’s First Fully Syariah-Compliant IPS
ACI Worldwide (NASDAQ: TSAI), a leading international provider of software for electronic payment systems, today announced that e-Kencana Sdn Bhd (eKSB) has purchased ACI’s flagship payment engine, BASE24®, as well as the ACI Card Management System™ and ACI Smart Chip Manager™ from ACI’s payments management suite to establish the world's first fully Syariah-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.
“We wanted a proven, reliable solution that could be implemented quickly,” said Shahzad K. Sultan, managing director of eKSB. “We also wanted a partner with a strong presence in Southeast Asia and the Middle East. ACI and its solutions meet both of our needs.”
eKSB will use BASE24 to authorize and route transactions. The solution provides eKSB and its members a comprehensive, fault-tolerant solution to deliver services through ATMs, kiosks and self-service devices.
eKSB will use the Card Management System and Smart Chip Manager 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.
“ACI’s global presence and the breadth of our ACI Payments Framework will help eKSB achieve its goals and contribute to the company’s long-term growth,” said Jeremy Wilmot, president of Asia Pacific at ACI. “We look forward to working with eKSB, as well as broadening ACI’s presence in Malaysia.”