Hong Leong Bank has partnered with Payments Network Malaysia Sdn Bhd (“PayNet”) to offer SMEs a simplified and innovative JomPAY biller service called HL ConnectFirst FastCollect (FastCollect).
A JomPAY biller code is given after completing two simple steps using Biztory, a cloud accounting and invoicing software that is integrated with HL ConnectFirst, HLB’s business online banking platform where SMEs enjoy ZERO development and system integration cost.
This JomPAY onboarding process via FastCollect is 88% more efficient than the normal process, allowing SMEs to collect payments from their customers with greater efficiency so that their time can be used for other areas in the business.
Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB said that the partnership with PayNet marks another major step forward for the Bank in delivering vital digital solutions that are not only secure, simple and seamless to use, but also deliver cost and operational efficiency in the long run.
“Along with our comprehensive services under our Digital Business Solutions, FastCollect will assist our customers to quickly digitalise an important aspect of their operations and further safeguard the resilience of their business.
“Cash flow is the lifeblood of SMEs, and SMEs are the lifeblood of the Malaysian economy. At PayNet, we recognise the importance of providing payment infrastructure that assists our member banks to offer solutions that meet the current needs of their customers and that can be adapted to future innovation. JomPAY has proven to be an effective solution for many billers and merchants, enabling collection of payments to be done in an efficient and speedy manner,” said Peter Schiesser, Group Chief Executive Officer of PayNet.
Yow Kuan Tuck, Managing Director for Business Corporate Banking of HLB shared that more customers are seeking to use the Bank’s digital solutions and banking platform as they have come to realise that digital transformation is happening on all fronts, from the way we live, work and trade.
In conjunction with HLB Digital Day 2020, customers can try the FastCollect 30 Days trial to experience the new way to bill and receive payment.