Deutsche Bank launches instant payments for Malaysia corporates

The lender can process payments through DuItNow.

Deutsche Bank can now process instant payments for corporate clients in Malaysia through the country's instant credit clearing system, DuItNow.

The real-time fund transfer platform will allow corporate clients to make payments and receive funds nationwide, processing end-to-end payments within 20 seconds using the “any-ID” or proxy principle.

DuitNow allows for the use of any-ID, where corporates no longer have to maintain the bank details of their employees, as they can use the National ID number to remit salaries or reimbursements.

Another use case of DuItNow is for clients in the telco industry who can pay back deposits through a mobile phone number. Insurance companies equally will be able to pay out urgent claims using the accepted proxy of their clients on file.