Malaysian lender Maybank has collaborated with technology vendor SAGE to launch a new digital banking solution for SMEs in its home market.
The platform will enable SMEs to undertake instant electronic payments via online and mobile banking channels directly from their Accounting and Payroll modules.
The solution will leverages SAGE’s Enterprise Resource Planning (ERP) software and the existing Maybank2u (M2u) Biz applications.
The new platform will enable SME business owners to execute routine tasks such as selecting bills to pay directly from SAGE Accounting and Payroll modules, sending payment instructions to M2U Biz through an online channel. It will also perform automatic reconciliation when the funds transfer transaction is completed, the companies said.
Speaking at the launch, Maybank Group head of community financial services Datuk Lim Hong Tat said: "The collaboration with SAGE will enable customers to benefit from the efficiencies and simplicity of e-payment through the synergy with SAGE’s Enterprise Resource Planning (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."