BMW Group Financial Services Malaysia, the first captive Financial services provider partners with Citi Malaysia and Payments Network Malaysia Sdn Bhd (PayNet)introduced new DirectDebit e-Mandates registration service for added convenience and flexible recurring payment options for their customers.
This is in line with the premium automaker’s mission to Make Mobility Easy, Flexible and Affordable for everybody. BMW customers are now able to service their monthly repayments automatically with DirectDebit without any transaction fees. DirectDebit service is free for bank customers when they make recurring payments.
The DirectDebit service is established and operated by PayNet, provides a convenient and efficient collection method for businesses or billing organisations that enables automated collection of recurring payments directly from customer’s bank account from 40 banks in Malaysia.
With DirectDebit e-Mandates, BMW will be able to drive the transformation of paper-based registration to a secure and seamless online registration with instant notification of successful mandate while allowing BMW customers’ the flexibility to authorise mandates in the trusted environment of their own bank.
Tobias Eismann, CEO and Managing Director of BMW Credit Malaysia Sdn Bhd and BMW Lease Malaysia Sdn Bhd (companies of BMW Group Financial Services) says, “In the future, the BMW Group aims to be the leading technology company for Premium Mobility and we are tremendously delighted that here in Malaysia, we are able to kick start an initiative that is leading towards such objective together with our esteemed partners PayNet and Citi.”
As one of the earliest member banks of the DirectDebit platform in Malaysia, Citi has played an active role in developing and promoting the direct debit payment method with industry volumes growing 31 percent in 2016 to RM25 billion. Citi Malaysia was awarded Best Direct Debit Bank by PayNet at their annual Malaysian e-Payments Excellence Awards 2017.
“Citi’s partnership with PayNet and BMW enriches the client experience in digital financial services. It is about being simpler, more cost efficient and secure. We have an accelerated growth track and have made significant progress in our digital transformation initiatives in Malaysia. As a global premier digital bank, Citi is supportive and committed to efforts aimed at making Malaysia a cashless society,” comments Lee Lung Nien, CEO Citi Malaysia.
“We are honoured to collaborate with BMW and Citibank to offer DirectDebit as the preferred channel for collecting monthly hire purchase payments. With DirectDebit e-Mandates, customers of the BMW Group in Malaysia will enjoy cost savings, efficiency improvements and greater convenience” says Mr. Peter Schiesser, Group Chief Executive Officer, Payments Network Malaysia Sdn Bhd (PayNet).