Maybank and Sage team up to offer free digital banking solution to SMEs
By Digital News Asia September 18, 2015
- Combines Sage’s ERP software and existing Maybank2u Biz apps
- Instant electronic payments via online and mobile banking channels
MAYBANK said it has teamed up with Sage Software to offer a free digital banking solution for SMEs (small and medium enterprises) in Malaysia that would enable them to undertake instant electronic payments via online and mobile banking channels directly from their accounting and payroll modules.
UK-based Sage Software is an ERP (enterprise resource planning) provider that specialises in the SME segment, Maybank said in a statement.
The digital banking solution from this collaboration will make use of Sage’s ERP software and existing Maybank2u (M2u) Biz applications.
Claiming it is the first of its kind in Asean (the Association of South-East Asian Nations), Maybank said the free digital solution will also help accelerate efficiency in the entire payment process for SMEs, and drive greater usage of electronic payments in line with Bank Negara’s Financial Sector blueprint.
“We have revolutionised the payment processes for SMEs and offered them greater convenience when compared with their current practices where business owners write cheques and manually send them to the bank or supplier,” said Maybank Group’s head of community financial services Lim Hong Tat.
“This manual process is cumbersome, more costly and has a higher risk of fraud or error. Apart from this, manual bank-to-book reconciliation at month end is tedious and time-consuming as business owners need to track information kept in several places.
“Now SMEs will be able to make payments to their suppliers or employees via straight-through processing from their accounting and payroll software direct to M2u Biz, providing them enhanced cost savings, efficiency and security,” he said at the launch of the solution in Kuala Lumpur on Sept 17.
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