MALAYAN Banking Bhd has teamed up with the Malaysian arm of UK-based software company Sage Plc, to collaborate on a new digital banking solution for SMEs in Malaysia.
This tie-up will enable Maybank to undertake instant electronic payments via online and mobile banking channels directly from its accounting and payroll modules.
Sage is a provider of Enterprise Resource Planning (ERP) software and one of the world’s largest suppliers to the SME segment.
Through the collaboration, Maybank and Sage aim to deliver a solution that leverages Sage’s ERP software and the existing Maybank2u Biz (M2U Biz) applications.
The companies say the free digital solution, the first of its kind in Asean, will 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.
The new integrated solution will offer an enhanced banking experience to SME business owners as they will be able to execute routine tasks such as selecting bills to pay directly from Sage’s Accounting and Payroll modules, sending payment instructions to M2U Biz through a secure online channel and performing automatic reconciliation when the funds transfer is completed.
The new digital solution was jointly launched in Kuala Lumpur last week by Maybank Group Community Financial Services head Datuk Lim Hong Tat and Sage Software Sdn Bhd managing director Michael Cho.
Lim said the new solution was one of the many ways that Maybank was utilising financial technology for businesses in order to create value differentiation for customers while at the same time gaining a competitive advantage within the industry.
“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.
“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,” he added.
“The collaboration with Sage will enable customers to benefit from the efficiencies and simplicity of e-payments through Sage’s ERP software and M2U Biz.
“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.”
Cho said Sage wanted to champion the cause of SMEs and provide business solutions that make practical sense and help address day-to-day issues.
“Solving these issues will enable SMEs to do more with fewer resources and make them more profitable and sustainable.”