Interbank GIRO
Transferring funds from bank to bank is convenient, fast and secured with Interbank GIRO (IBG). Funds transfers could be completed at the comfort of your home by just clicking to your computer!
The electronic method enables funds to be transferred without needing physical supporting vouchers or documents such as cheques or bank drafts. This extremely secure transfer system facilitates payment and collection between banks through direct debit from customer account(s) and crediting into beneficiary account(s) between any participating banks. It is more secure and faster than traditional methods of payment such as cheques or cash, and the accurate recorded transactions lead to better cash management.
Since its launch in 2000, IBG is the preferred channel for corporations for salary, pension and dividend payments; whilst credit card and loan repayments are popular among individual customers. On the average, IBG processed approximately 5 million transactions per month; in 2010, IBG processed 4 million transactions a month.
Key benefits:
- Less risk: No need for cheques or cash payments.
- Better cash management : Accurate record of all collections and payment made.
- Operational efficiencies: For corporations, accounting reconciliations will be reduced and simplified, thus freeing staff for more productive work.
- Secure: IBG transactions are encrypted and the services conform to Bank Negara Malaysia’s strict security requirements.