Small and Medium Enterprises (SMEs) can now enjoy greater convenience and efficiency in their payroll processing with the launch of Maybank’s tie-up with Asian Business Software Solutions (ABSS).

Maybank said this is its first collaboration in Singapore with an external software company to provide services to SME customers. With the said project, SME customers can use ABSS’ MYOB branded payroll software for payroll processing, which supports the bank’s Business Internet Banking payroll file format, and can be used by the companies to directly credit the salaries to their employees’ bank accounts.

Using the payroll software, SMEs can enjoy a host of advantages such as auto-computation of salary and generation of itemised payslips for each employee. The software can also be updated so SMEs will be kept abreast of policy changes announced from regulatory authorities such as the Central Provident Fund (CPF) and the Income Tax Authority of Singapore (IRAS). SMEs will benefit from greater productivity as they move away from manual computations and paper-based payments to automated payroll systems. Upon registration, customers enjoy free 30 days’ introductory technical support to help them to get started.

Choong Wai Hong, head, community financial services, Maybank Singapore said the collaboration shows Maybank’s goal of delivering greater value for the SME segment.

“We have observed a growing number of our SME customers carrying out their banking transactions including payroll processing online. The active number of Business Internet Banking customers who log in at least once a month has grown by 35% year-on-year, and the number of SME customers using our online payroll services has tripled over the past year,” he said

Choong noted that Maybank has a suite of online services aimed at helping companies with their payroll, collections, payments and trade document submissions.

“Unlike many other industry players, use of Maybank’s Business Internet Banking is without any monthly subscription fees and has competitive transaction fees,” he added.

Source: SBR