RHB partners ABSS, PayNet to offer zero-cost payment platform

PayNet group CEO Peter Schiesser, ABSS CEO Paul Conway, RHB Bank head of commercial product management, SME Banking, Sim Ee Chiew and RHB Bank head of group business & transaction banking Jeffrey Ng Eow Oo at the signing of partnerships to offer zero-cost payment platform to SMEs in the country.

KUALA LUMPUR: RHB Bank Bhd has teamed up with Asian Business Software Solutions Sdn Bhd (ABSS) and Payments Network Malaysia Sdn Bhd (PayNet) to offer a zero-cost payment platform to Small and Medium Enterprises (SMEs) in the country.

ABSS and PayNet operate Financio and JomPay respectively. 

JomPAY is Malaysia’s national bill payment scheme, under the auspices of Bank Negara Malaysia with the participation of banks and large billers. The payment system offers an accessible and convenient bill payment eco-system for consumers, banks and billers, open to customers from 40 banks across Malaysia, allowing customers to pay bills via Internet & Mobile Banking or ATMs nationwide. 

 “This strategic collaboration with ABSS and PayNet is a significant milestone in RHB’s aspiration to simplify SMEs’ business journey by offering both financial and technology-based solutions. Through the RHB SME e-Solution, SMEs will be able to enjoy an all-in-one-hassle-free solution that will contribute towards greater productivity and profitability,” head of group business & transaction banking Ng Eow Oo said in a statement. 

“In 2017, RHB saw a total of 834,000 transactions processed via JomPAY and through this partnership today, we are targeting to increase the participation of SMEs to 2,500 by end of 2018,” he added.

RHB said this partnership would benefit all SMEs using RHB’s e-Solution which provides Financio, a cloud-based accounting software by ABSS. Financio is a component of RHB’s e-Solution, aimed at empowering SMEs to optimise business efficiency. 

“RHB SME customers will now be able to conduct payment transactions and receive JomPAY payments from their customers using e-Invoice solution at zero-cost,” it said. 

Effective yesterday, the zero-cost will benefit all SMEs as e-commerce increasingly grows in Malaysia, and is expected to rise further to more than 20% a year in 2020.

Apart from Financio, RHB SME eSolution also offers Business Current Account, RHB REFLEX an integrated internet banking platform, Kakitangan.com’s Human Resource & Payroll Solution and electronic point-of-sale systems powered by Storehub and ARMS.

Other benefits of RHB SME e-Solution, include the offering of credit and debit card terminals to enable card transactions, and customised SME insurance packages specifically for SMEs to protect their businesses.