Bank Negara Malaysia (‘BNM’) issued a revised Policy Document on Interoperable Credit Transfer Framework dated 23 December 2019 (‘Revised Policy Document’) which took effect immediately in place of the policy document issued on 16 March 2018. At the same time, BNM also issues a set of Clarification and Frequently Asked Questions on the Revised Policy Document (‘FAQs’).
According to BNM, the Revised Policy Document seeks to clarify certain areas after receiving feedback from the industry on the earlier policy document.
The main revisions in the Revised Policy Document are as follows –
1..Paragraph 2.2 : This paragraph has been amended to state that Paragraph 12.3 (prohibition of activity to circumvent paragraph 13.1 of BNM’s Guideline on Electronic Money) of the Revised Policy Document applies to approved e-money issuers; this amendment appears to be a rectification of an omission from the original policy document;
2. Paragraph 5.2 :
a. the list of subsidiary legislation in the definition of ‘payment card’ has been updated;
b. a new definition of ‘service provider’ has been introduced;
c. the definition of ‘shared payment infrastructure’ has been amended to provide discretion for BNM to make a determination on such infrastructure; and
3. Paragraph 7.3 : This paragraph has been amended to provide discretion for BNM to grant approval to an operator of a payment system to process inter-bank credit transfer transactions and inter-scheme credit transfer transactions offshore – for more details, refer to paragraphs 1.5 to 1.8 of the FAQs.