TM will use Maybank2e.net for a full suite cash management and solutions and services including payroll and Social Security Organisation (SOCSO) services. At a later stage, it will also have access to eDividend, a service which processes dividend payments, as well as features such as online bills payment and bulk payment to suppliers/vendors via auto-credit and cheque outsourcing.
ôMaybank2e.net offers secured straight-through processing, eliminating tedious manual procedures which translate into time savings and greater efficiency for TM," says Datuk Amirsham A Aziz, president and CEO of Maybank. "TM will benefit from the automated processes that will also minimize errors and provide speedier processing of payroll and payments."
Maybank says intrabank auto-credit payment is about to be introduced, which will allow auto-credit payment to third party accounts. The service will be available via the interbank GIRO system. This is a process designed for high volumes of low-value payments, interbank real time electric transfer of funds and securities (RENTAS) and bankerÆs cheques.
ôMaybank2e.net will provide TM with around the clock banking transactions facility and TM will be using the solution to increase operational efficiency by means of automation and speedier payroll and payments,ö says Zamzamzairani Mohd Isa, TMÆs senior vice president for group strategy and technology. ôBy adopting the solution, TM stands to enjoy numerous benefits such as convenience in executing transactions, high level of security and costs savings. TM looks at this partnership with Maybank as a ôwin-winö situation.ö
The TM mandate follows an annoucement last December that Tenaga Nasional Berhad planned to adopt Maybank2e.netÆs cash management platform for payroll and related services. Both moves have been prompted by a central bank ruling that all Malaysian corporates and government agencies should adopt electronic payments platforms by 2010.
Before the deal was announced, TM and Maybank, the parent of the online banking portal, has already long-rooted delivery channel relationships, which centred on bill payment through a variety of facilities including branches, ATMs, telephone and internet portals.