Hong Leong Bank (HLB) and the Employees Provident Fund (EPF) today signed an agreement to launch the bank's e-Payment Services that allows employers tosubmit their monthly EPF contributions online.
This momentous occasion marks the first collaboration between the EPF and HLB to establish an online channel for employer contributions to the EPF. Presentat the signing ceremony held at Hotel Equatorial, Kuala Lumpur were Hong Leong Bank's Group Managing Director, Ms Yvonne Chia, Hong Leong Bank's COO ofTransaction & E-banking, Mr Victor Khor and the EPF's Deputy Chief Executive Officer (Operations), Encik Ibrahim Taib.
"This online service is in line with our efforts to enhance service delivery through ICT. It provides an alternative way for employers to pay their EPFcontributions in the comfort of their offices or homes via the e-Payment Client Desktop," said Encik Ibrahim Taib.
Currently, almost 53 per cent of the employers submit their contributions through selected bank agents. Another 40 per cent proceed to the EPF counterswhile more than 6 per cent mail in their payments. Less than 1 per cent of the employers are current users of the Internet banking services.
"The Hong Leong Bank e-Payment Services is a secure and convenient payment service designed to offer bulk payments and collections covering auto-creditsand auto-debits. The EPF hopes that more employers will be encouraged to utilize this channel for their monthly EPF contributions," added En Ibrahim Taib.
The services offered include payroll payments to Hong Leong Bank accounts as well as other bank accounts via IBG and EPF payments of monthly contributionsfrom employers and salary deductions to their staff EPF accounts. Employers as well as their staff can also obtain the real-time account information viaHong Leong Online and Corporate Internet Banking.
"Through Hong Leong Bank e-Payment Services, employers can make monthly contribution payments and send the contribution information to the EPF instantlyand accurately via the Hong Leong Bank Client Desktop Application. This method saves time and cost for the employers as well as the EPF. Since thesoft-launch of the service in 2007, we have seen a steady month-on-month growth of about 35% for records processed and 45% for ringgit value processed. Weexpect this momentum to grow in line with our strategy in support of Bank Negara's e-Payments Roadmap," said Ms Yvonne Chia, Group Managing Director ofHLB.
"HLB has always been on the forefront of finding new ways of banking as well as committed to enhancing our customer's experience. We are already seeing apositive response from our customers for enhanced online services such as our new Hong Leong Online launched last year, where it has seen 117% year-on-yeargrowth in transactions," added Ms Chia.
"Hong Leong Bank e-Payment Services is part of our initiative to continue transforming HLB into an on-demand organization which will make us morecompetitive. Our investments in technology provide us with a competitive advantage while enabling us to offer more innovative, customized and value-addedbanking products and services to our customers," emphasized Ms Chia.
For more information, customers can visit any of Hong Leong Bank's 186 branches nationwide or call Hong Leong Cash Management & Payments at 03-21665240/ 41/ 42.
Press Release - 29/01/2008