InsiteMY Group of Companies: Digitalizing the Banking & Financial Services Industry

InsiteMY GROUP OF COMPANIES – DIGITALISING THE BANKING & FINANCIAL SERVICES INDUSTRY

InsiteMY Group of Companies has been at the forefront of the banking and financial industry providing banking and financial solutions. Established in 2000, the company helps industry players reduce costs, streamline operating processes, manage risks, ensure compliance to regulatory requirements and enhance client servicing, while ensuring systems security and data integrity.

The company is currently No. 1 in cheque clearing and statutory reporting in Malaysia; and aims to become the leading customer acquisition and enterprise STP in the next 5 years. It serves clients across the globe in various countries including the Philippines, Singapore, Thailand, Bangladesh, Pakistan, Indonesia and Myanmar.

The group is registered with the Ministry of Finance Malaysia and has registered 2 companies with the Malaysia Digital Economy Corporation (MDEC), namely Insite MY Systems Sdn Bhd (IMS) and Insite MY Innovations Sdn Bhd (IMI). IMS attained MSC status in 2005 and focuses mainly on payment systems; while IMI obtained pioneer status in 2012 and focuses mainly on regulatory reporting and customer acquisition.

At the recent MSC Malaysia Asia- Pacific ICT Alliance Awards (APCITA) 2020 Awards, INGateway-Insite MY Systems Sdn Bhd was a Merit recipient in the Banking, Finance and Insurance category.

INGATEWAY

One of InsiteMY’s core products is the INGateway – an end-to-end web-based Payment Gateway Solution. INGateway provides Straight Through Processing (STP) for all types of Payment transactions such as RENTAS, Interbank GIRO (IBG), JomPay, DuitNow/Fast Payment, FPX and SWIFT. Known as a true payment gateway for banks, INGateway complies with Bank Negara Malaysia (BNM)’s payment products and security requirements. Other modules under INGateway include Real-Time Gross Settlement (RTGS), Enterprise Service Bus (ESB), and API Gateway.

INGateway is currently supported in Malaysia and Myanmar. The product is suitable to be used worldwide as the design complies with international standards such as the SWIFT MT/MX message format and ISO 20022 message format.

Robin Hoo, Chief Executive Officer of OrangeFIN Asia at the Platinum Business Awards 2020.

INGATEWAY MODULES

Real Time Gross Settlement (RTGS) module enables fund transfers from one bank to another bank on a real-time basis. This means that any payment will be processed immediately without a waiting period.

Enterprise Service Bus (ESB) module is integrated in between business applications which enables communication among them. The ESB module can help organizations to integrate existing data and applications into new business host systems.

API Gateway module is a gateway that receives and distributes API calls from internal or external parties. There is a wider reach and more extensive use of the modules in INGateway through the use of the API Gateway module.

New RENTAS Payment module enables the transfer of online transactions from the bank host to the RENTAS RBG system. It eliminates double entries at Financial Institutions and can streamline operation process to improve operational efficiency.

IBG and JomPAY Payment modules enable fund transfers from the bank’s host system to the BNM PaySwitch client. With its built-in ETL engine, INGateway can integrate to various original bank hosts.

DuitNow/Fast Payment module enables instant fund transfer from the bank’s host system to beneficiary bank using ISO 20022 messaging. For DuitNow, the payment can be made in two modes, DuitNow Pay to Account and DuitNow Pay to Proxy.

RENTAS SWIFT ISO 20022 module can cater to the co-existence of MT 15022/MT and ISO 20022/ MX messages. It maps all ISO 15022/ MT to ISO 20022/MX messages and vice-versa to the RENTAS Host. SWIFT STP module is SWIFT Straight-Through-Processing (STP) interface allows foreign currency transactions to be transferred online between the bank’s host system and SWIFT Alliance system for crossborder payment.