Tenaga Nasional Berhad (TNB) has signed an agreement with Maybank for the implementation of TNB's enterprise cash management activities using Maybank2e.net solutions.
Maybank2e.net is Maybank's online enterprise cash management financial portal designed specially for corporate transactions to be carried out via the Internet. Its integrated web-enabled solutions includes several modules such as Payroll Services, Payment Services, issuance of dividends via the eDividend as well as report generation utility for various merchant and payee corporation reports.
Signing for Maybank was Datuk Amirsham A Aziz, President and CEO of Maybank and Encik Muhamad Umar Swift, Executive Vice President and Head of Enterprise Financial Services. TNB was represented by its President and Chief Executive Officer, Dato' Che Khalib Mohamad Noh and Encik Izzaddin Idris, Chief Financial Officer.
"The agreement marks TNB's adoption of yet another of Maybank's electronic services, that is, Maybank2e.net's suite of products and services commencing with the Payroll Services module," said Datuk Amirsham in his Opening Address.
Datuk Amirsham added that Maybank2e.net revolutionises the online banking experience for corporations by providing services beyond traditional business banking. "We have designed Maybank2e.net facilities to bring about increased efficiency, productivity and cost-savings by automating many of the manual processes associated with cash management activities. Internet accessibility 24 hours a day, anytime, anywhere, also enables corporations to better manage their cash management operations conveniently," added Datuk Amirsham.
TNB recently began implementing Maybank2e.net's Payroll Services module in November 2005 to process the payment of staff salaries, bonuses as well as commissions of TNB's workforce. The next process will be payments for EPF and SOCSO contributions, dividends, local payment to suppliers via Maybank2e.net as well as cheque processing. In the near future, Maybank2e.net payments can also be made to third party accounts maintained at other banks.
TNB also utilises Maybank's other delivery channels, namely for bill payment services via the internet banking portal at Maybank2u.com as well as over 1400 Kawanku ATMs and 400 branches nationwide to pay TNB bills.
"The current TNB bill payment transactions of over 70,000 via Maybank2u.com valued at over RM8 million a month is an example of leveraging on technology to enhance productivity and cost-savings. Maybank and TNB will continue to jointly intensify our campaign to promote the use of technology and more electronic alternatives for both operational and income generation activities. In the near future, Maybank2e.net will also introduce the Interbank GIRO, RENTAS and Banker's Cheque facilities that will be beneficial to TNB," said Datuk Amirsham.
Maybank2e.net has received several international accolades since its launch in 2003, among them Asiamoney's Award as the Best Local Cash Management Bank for 2004 and 2005. Maybank is the first bank in Malaysia to adopt 3G technology to allow access to Maybank2e.net. More than 4,000 corporations are using Maybank2e.net and Desktop Banking solutions for their cash management activities.
In his speech, Dato' Che Khalib Mohamad Noh said, "The system offers TNB numerous advantages, chief of which are savings, speed, efficiency and security. We anticipate reduced transaction costs, efficient payment processing, quality execution and rapid disbursement".
"TNB is obliged to set benchmarks in business. We believe that Internet payments are emerging as a best practice in achieving operational efficiency. Our move is also in line with Bank Negara's decision to encourage all corporation and government agencies in Malaysia to migrate to ePayments by 2010", added Dato' Che Khalib.
More information of Maybank2e.net is available at www.maybank2e.net.