How Does an IBG Transfer Work?
When you initiate an IBG transfer, your bank sends a payment instruction to PayNet’s Automated Clearing House (ACH), which acts as the central clearing system.
The ACH batches and processes transactions through multiple clearing windows during the business day. The beneficiary’s bank receives the instruction and credits the recipient’s account accordingly.
If there are insufficient funds or incorrect details, the transaction is rejected and returned to the originating bank.
🔍 Did You Know? The entire process is regulated by Bank Negara Malaysia to ensure security and reliability.