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.

THE FOUR PARTIES GENERALLY INVOLVED IN AN E-PAYMENT TRANSACTION ARE:-

• Sender/Remitter
• Sending/Originating Financial Institution
• Receiving Financial Institution
• Recipient/Beneficiary

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.

A. RECEIVING FINANCIAL INSTITUTION (FOR THE RECIPIENT / BENEFICIARY): SNAPSHOT OF THE CURRENT / SAVING ACCOUNT STATEMENT (IF ANY) OF THE RECIPIENT (THE EXACT STATEMENT WILL DIFFER BANK TO BANK)

B. PLEASE NOTE:-

• These formats / templates may be amended or varied to suit the size of the relevant form that the statements take and/or the individual practices of the banks.
• The format will not be adopted for passbooks, if issued.
• Some banks may have also progressed further than others in facilitating reconciliation.

We welcome any comments or feedback. Please email us at banks@abm.org.my