Maybank and Pertubuhan Keselamatan Social (Social Security Organisation or SOCSO) today signed an agreement that will enable corporations to enjoy the convenience of paying their SOCSO contributions via Maybank's enterprise financial portal, Maybank2^e.net

Signing on behalf of Maybank was Encik Zulkiflee Abbas Abdul Hamid, Executive Vice President and Head of Enterprise Financial Services Group of Maybank while SOCSO was represented by Datuk Ng Teck, Chief Executive Officer. Witnessing the signing ceremony were Mr Surinder Singh, Vice President and Head, Cash Management of Maybank and Tuan Haji Ismail bin Hamid, Senior General Manager, Finance, SOCSO.

Speaking at the ceremony, Encik Zulkiflee said that Maybank is pleased to collaborate with SOCSO in providing an alternative payment channel to corporations for their SOCSO contributions as well as support SOCSO's initiatives to promote the usage of internet technology to increase productivity and efficiency.

"We understand that about 30% of SOCSO payments are done by contributors via Maybank counters only. Besides our existing delivery channels for SOCSO payments via our branches, cheque payment or diskette submission, we are now pleased to provide added value to corporations to undertake SOCSO payments online through the internet via Maybank2^e.net, " said Encik Zulkiflee.

Encik Zukfkliee said that there is no registration fee required for the SOCSO service. However customers need to be a registered Maybank2^e.net customer. The payment procedure is also simple and secure as authorization is required to effect any transaction.

"Maybank2^e.net will enable our enterprise customers to use the service conveniently anytime and anywhere. Paying via Maybank2^e.net will mean faster processing time, reduction in manual processing and reconciliation. With this service, the SOCSO payment is effected electronically reducing processing turnaround time to within a day compared to a longer timeframe over existing mode of payments. This provides time-saving conveniences as well as security, eliminating many of the problems related to payment using cheques or sending diskettes, such as loss or misplaced cheques or corrupted data," added Encik Zulkiflee.

Encik Zulkiflee also said that Maybank2^e.net offers corporations a new experience in electronic banking transaction products and services. The introduction of the SOCSO payments service expands Maybank's commitment to offer innovative and value added products to its enterprise customers particularly for bulk payments. Currently, Maybank2^e.net customers can also make EPF payments. More online payments and collections within its "Cash Management services" will be offered to customers in the coming months via Maybank2^e.net.