Charting the future direction of our financial system
Accelerating the country's migration to electronic payments (e-Payments) to quicken the pace for the country to realise the resulting cost savings and benefits has become a part of Bank Negara Malaysia’s agenda to increase the efficiency of the nation's payment systems.
What is e-Payment?
E-Payment is an electronic and paperless payment system which enables the transfer of funds from one party to the other. It initially started as a web-based payment platform offered by banking institutions as an alternate payment channel to the conventional cheque or cash payments to pay for your bills and loans.
Common e-Payment services
Some of the most common e-Payment services available include RENTAS, Interbank GIRO, Instant Interbank Fund Transfer, Direct Debit, FPX, JomPAY and PayPal.
Why We Should Use e-Payment?
For Tokio Marine Insurans (Malaysia) Berhad (TMIM), by driving the displacement of cash and cheques through the more intensive use of electronic payments, resources involved in manual processing can be redeployed and cost related to cash and cheque handling can be considerably reduced. It therefore provides an excellent opportunity to improve productivity levels, lower the costs of doing business and minimise the inherent risks associated with cash and cheques.
For our customers and business partners, it provides a safe and convenient way to transact, in the comfort of their home or offices.
TMIM e-Payment Initiatives
Electronic payments for greater economic efficiency is one of the nine focus areas under the Bank Negara Malaysia (BNM) Financial Sector Blueprint 2011-2020, which charts the future direction of the financial system over the next 10 years. The nine focus areas main objective is to drive Malaysia’s transition to a high value-added, high-income economy with adequate safeguards to preserve financial stability.
TMIM, being a financial institution supervised by BNM, is playing an active role in promoting e-payment amongst its customers and business partners since the past four years. As at today, we have achieved an e-Payment rate of more than 90% for payments made to our policyholders, agents, suppliers and other business partners and we aim to increase this further in the few months to come.
On premium collections, TMIM has provided e-Payment gateway on our front end system e-Cover to facilitate e-Payment by our agents and will make available the gateway on our online insurance platform when it is launched later this year. For others, the e-Payment services such as RENTAS, IBG, IBFT etc described above may be used. The Company has also signed up with JomPAY which will further encourage our policyholders to pay for their premiums online.
Apart from providing the payment gateways, TMIM will be carrying out e-Payment awareness activities such as sending out notices via email/sms, deploy banner/bunting, publish notices on statements, conduct training, etc.