💡 What is Interbank Funds Transfer (IBFT)?
Interbank Funds Transfer (IBFT) is a real-time electronic funds transfer service operated by Payments Network Malaysia Sdn Bhd (PayNet).
It allows customers to:
- Instantly transfer funds to accounts at other participating banks in Malaysia
- Transfer funds 24/7, including weekends and public holidays
- Enjoy immediate crediting to the recipient’s account
Supported account types:
- ✅ Savings accounts
- ✅ Current accounts
- ✅ Credit card accounts
Common use cases include:
- 👥 Peer-to-peer transfers
- 🧾 Bill payments
- 🏦 Loan repayments
- 🛍️ Merchant payments