The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in Malaysia. In August 2017, MEPS merged with Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) to form Payments Network Malaysia Sdn Bhd (PayNet). With the result of the merger, PayNet is now the holding company for the PayNet Group which comprises two main subsidiaries, namely Malaysian Electronic Payment System Sdn Bhd (MEPS) and MEPS Currency Management Sdn Bhd (MCM). The PayNet Group is Malaysia's premier payments network and central infrastructure for financial markets. Bank Negara Malaysia (BNM) is PayNet's single largest shareholder, with eleven Malaysian financial institutions namely, Malayan Banking Berhad, RHB Bank Berhad, Public Bank Berhad, CIMB Bank Berhad, AmBank (M) Berhad, Hong Leong Bank Berhad, Affin Bank Berhad, Alliance Bank Malaysia Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad and Bank Kerjasama Rakyat Malaysia Berhad, as joint shareholders. MEPS plays the integral role in the implementation of smart cards for automated teller machine (ATM) cards, which are an upgrade to chip-based cards from previous magnetic-stripe cards issued to all banks' customers. The card is also known as Bankcard, a card with multiple functions. There are three main functions that can be used, namely ATM (with various combinations of banking transactions), e-debit (online purchase payment) transactions at participating merchants and MEPS Cash (a stored-value card that can be used to pay at participating merchants). MEPS is a member of the Asian Payment Network (APN). Role In brief, MEPS’ role encompasses: Development and implementation of payment services Provision and management of shared infrastructure for participating financial institutions Operating e-payment clearing and settlement systems for the financial industry Governing adherence to relevant standards Developing technical standards and specifications for the Smart Card Certification services for payment smart card and personalisation centres MEPS provide the following services through its network to all participating banks: Nationwide Shared ATM Network – An interbank switching infrastructure network for routine banking transactions including cash withdrawal, funds transfer, credit card and loan repayment, account balance inquiry, mobile prepaid top-up, MEPS CASH loading and Touch n’ Go top-up Cross-Border Initiative – A cross-border ATM network and link with six countries; providing inter-country cash withdrawal services and will be expanded to include inter-country funds transfer and balance enquiry Regional Switching for Financial Institutions – Provision of ATM switching services for member banks amongst their regional branches MEPS ATM – Deployment of white-label ATMs which are owned