SMEs to enjoy more convenient payroll processing with Maybank's collaboration with Asian Business Software Solutions
6 February 2017
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). This is Maybank's first collaboration in Singapore with an external software company to provide services to SME customers
Maybank's 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.
"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," said Mr Choong Wai Hong, Head, Community Financial Services, Maybank Singapore. "This collaboration with ABSS is an example of how we are looking to deliver greater value for the SME segment."
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.
In terms of business accounts, companies can choose between having a Maybank PremierBiz or FlexiBiz Account, which are both interest-bearing. Flexibiz offers businesses the flexibility of managing their company funds without the need to maintain minimum balance, while Premierbiz offers attractive interest on the deposit balance with no cheque charges.
"We are impressed by the growing focus Maybank has placed on the SME segment over the past few years and the positive results achieved. We are delighted to have this win-win partnership with the bank and to avail our payroll software on their online banking platform, which will no doubt also further broaden our base of customers," said Paul Conway, CEO, Asian Business Software Solutions.
As part of the collaboration to bring value to the SMEs, from now till end August 2017, the first 100 SMEs with a Maybank business account and Business Internet Banking access to register for the product bundling promotion, can enjoy a special discount and get the MYOB payroll software at S$599 (instead of the original price of S$1,262). In addition, the customers can earn up to S$300 worth of rewards when they transact their payroll with Maybank. This promotion is applicable to both new and existing customers. For more information, visit http://maybank.sg/payroll.