PX Payment (Financial Process Exchange) is a invulnerable on-line charge gateway device that approves shoppers to make real time on line repayments by way of the use of their existing contemporary or financial savings account. FPX presents customers with the convenience to purchase at their retail web sites and on line stores. Consumers are no longer required to register to make FPX Payment.

The terrific component about FPX is it allow to make price between special taking part monetary institutions or banks. Currently, the collaborating banks are Maybank, CIMB Bank, RHB Bank, Public Bank, Hong Leong Bank and Bank Islam.

The solely downside of FPX Payment is, customer wishes to have an Internet banking account with any of the six (6) collaborating banks point out above. Since FPX is for on-line payment, most of the customers who purchasing online, already are using or have an on-line banking account.

FPX services working hour is from 1:00am to 12:00am daily, seven days a week, 365 days a year. However, FPX carrier is additionally based on the banks’ Internet banking service availability.

The highest transaction limit for an character banking account is RM 30,000.00 per transaction and RM 1,000,000.00 per transaction for a company banking account. However, the above restriction is subject to your Internet banking transaction limit, whichever is lower.

FPX Payment System is managed through MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia. MyClear provides technical expertise as properly as presenting interbank switching and routing infrastructure for the banks. They will also control the clearing and settlement on behalf of the banks for the FPX service.