The Association of Banks in Malaysia (ABM) in collaboration with our members which are respectively licensed commercial banks, will be taking a first step to ensure that payments can be easily identified for Interbank GIRO (IBG) fund transfers by internet or mobile banking. The main aim is to facilitate reconciliation on the part of the payee or recipient. Emphasis on the need for the person making the transfer (the sender) to fill a simple description, as well as explanatory notes for filling the same (to better identify the purpose of the payment and payer), will be introduced.
An example of the extract of the relevant IBG screen shot is set out below.
Originating financial institution (for the Sender / Remitter): Screen shot for input by sender after implementation of recipient reference fields
Towards this end, a recipient’s current / saving account statement will incorporate the Recipient Reference as set out below.