Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 12): United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has enhanced its digital solution for cross-border payments for its corporate clients with digital platform UOB Infinity, which is also available as a mobile app.

In a statement on Wednesday (Aug 10), the group said the newly launched UOB Infinity provides businesses with a real-time notification through SMS or email after payment has been credited into the beneficiary’s account, which it said will prevent the hassle of manually checking on the transaction status.

“Clients will also be informed of the charges for the cross-border transaction, including those from the intermediary bank. This feature provides businesses greater transparency on the costs incurred for the transaction. It helps prevent instances where there is a dispute in the final amount received by the beneficiary due to the charges involved,” it said.

UOB Malaysia added that UOB Infinity helps clients manage their banking needs in a simpler and more personalised manner as it offers a customisable online dashboard for clients to prioritise and visually display information that is most important to them.

“Corporate clients will be able to see the state of their company’s finances, including that of their overseas markets, all at a glance,” the group said.

“On the digital platform, clients can manage a range of domestic and cross-border banking activities, from checking their UOB accounts across various markets to making local and international payments, without needing to log into multiple platforms.”

It said the UOB Infinity app supports services such as Interbank GIRO, DuitNow, JomPAY, the Real-Time Electronic Transfer of Funds and Securities System (RENTAS) and telegraphic transfers.

UOB Malaysia chief executive officer Ng Wei Wei said the UOB Infinity app helps corporations to adapt to the new realities of the digital economy.

“By leveraging insights from our clients, we have developed UOB Infinity to address the diverse needs of corporates including their trade requirements and the ability to keep track of their company in real time across the markets where they operate.

“Our goal is to help our clients improve their operational efficiency and make better business decisions through digitalisation, while supporting them to seize opportunities regionally through the bank’s connectivity,” she said.

Meanwhile, UOB Malaysia country head of transaction banking Lucas Chew highlighted UOB Infinity’s user-friendly interface and new functionalities.

“Corporates will also be able to manage their cash flow more efficiently with real-time visibility of account information across various markets and online access to a range of domestic and cross-border banking transactions.

“Beyond the convenience, we have also ensured that their transactions can be conducted securely with our Infinity Secure digital token,” he said.

UOB Malaysia said the UOB Infinity mobile app has a biometric login via a soft token enabling faster access and simplified transaction authorisation while ensuring security. It added that the mobile app’s soft token comes with multi-factor authentication for companies to approve and clear transactions.

Besides that, clients can also generate a QR code through UOB Infinity to ask for DuitNow payments from their buyers. UOB Malaysia said it had seen the number of DuitNow corporate transactions increase by more than five times in the first half of 2022, as compared with the same period a year ago.

Edited BySurin Murugiah
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