Improving cross-border electronic transfers

BANK Negara, via its subsidiary Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), has continued its initiatives to improve and enhance the capability of the Real-time Electronic Transfer of Funds and Securities System (Rentas) in supporting cross-border payments and settlements.

In March 2012, the onshore multi-currency funds and securities settlement facility was launched for renminbi (RMB) settlements. The RMB settlement facility in Rentas will enhance the efficiency of RMB trade settlements for Malaysian corporates by reducing costs and ensuring finality of settlements.