KUALA LUMPUR, Aug 13 (Bernama) -- BMW Group Financial Services Malaysia has launched the DirectDebit e-Mandates registration service in collaboration with Citi Malaysia and Payments Network Malaysia Sdn Bhd (PayNet) to provide added convenience and flexible recurring payment options for their customers.
Present at the launch ceremony were Mr. Tobias Eismann, CEO and Managing Director of BMW Credit Malaysia Sdn Bhd and BMW Lease Malaysia Sdn Bhd (companies of BMW Group Financial Services); Mr. Lee Lung Nien, CEO Citi Malaysia and Mr. Peter Schiesser, Group Chief Executive Officer, Payments Network Malaysia Sdn Bhd (PayNet), the operator of DirectDebit along with the senior officers from BMW, Citi Malaysia and PayNet.
BMW Group Financial Services is the first captive Financial services provider in Malaysia to offer DirectDebit via e-Mandates to its customers. This is in line with the premium automaker’s mission to Make Mobility Easy, Flexible and Affordablefor everybody. With the collaboration, BMW customers are now able to service their monthly repayments automatically with DirectDebit without any transaction fees. DirectDebit service is free for bank customers when they make recurring payments.
Established and operated by PayNet, DirectDebit provides a convenient and efficient collection method for businesses or billing organizations that enables automated collection of recurring payments directly from customer’s bank account from 40 banks in Malaysia.
Over 3,000 billers nationwide currently use the DirectDebit service, some of which are educational loan providers, government agencies, insurance companies, investment firms, water filtration and home appliances companies, to name a few.
With DirectDebit e-Mandates, BMW will be able to drive the transformation of paper-based registration to a secure and seamless online registration with instant notification of successful mandate while allowing BMW customers' the flexibility to authorize mandates in the trusted environment of their own bank.
Registration to activate DirectDebit can easily be done from the BMW Group Loyalty+ app through 5 simple steps:
As one of the earliest member banks of the DirectDebit platform in Malaysia, Citi has played an active role in developing and promoting the direct debit payment method with industry volumes growing 31% in 2016 to MYR25 billion. Citi Malaysia was awarded Best Direct Debit Bank by PayNet at their annual Malaysian e-Payments Excellence Awards 2017.
Quote from BMW Group Financial Services Malaysia:
In the future, the BMW Group aims to be the leading technology company for Premium Mobility and we are tremendously delighted that here in Malaysia, we are able to kick start an initiative that is leading towards such objective together with our esteemed partners PayNet and Citi.
Tobias Eismann, CEO and Managing Director of BMW Credit Malaysia Sdn Bhd and BMW Lease Malaysia Sdn Bhd (companies of BMW Group Financial Services)
Quote from Citi Malaysia:
Citi’s partnership with PayNet and BMW enriches the client experience in digital financial services. It is about being simpler, more cost efficient and secure. We have an accelerated growth track and have made significant progress in our digital transformation initiatives in Malaysia. As a global premier digital bank, Citi is supportive and committed to efforts aimed at making Malaysia a cashless society.”
Lee Lung Nien, CEO Citi Malaysia.
Quote from PayNet:
“We are honoured to collaborate with BMW and Citibank to offer DirectDebit as the preferred channel for collecting monthly hire purchase payments. With DirectDebit e-Mandates, customers of the BMW Group in Malaysia will enjoy cost savings, efficiency improvements and greater convenience” said Mr. Peter Schiesser, Group Chief Executive Officer, Payments Network Malaysia Sdn Bhd (PayNet).
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About BMW Group Financial Services Malaysia
BEYOND THE DRIVE.
BMW Group Financial Services is one of the leading financial service providers in the automotive sector. The business unit is formed within the BMW Group to support sales of the product, reach out to new customer groups and provide solutions for different levels of trade.
Established in Malaysia in 2007, the main business activities are financing of BMW Group automobiles and motorcycles for individual and corporate customers. BMW Group Financial Services also offers customers selected insurance products. In this way, BMW Group Financial Services plays an important role in strengthening the BMW Group’s focus on customers.
Our mission is making mobility easy for Malaysian customers through providing future-proof solutions.
For more information, please visit www.bmw.com.my/sf | https://www.mini.my/fs| https://www.bmw-motorrad.com.my/en/offers/financing.html
About Payments Network Malaysia Berhad
Payments Network Malaysia Sdn Bhd (PayNet) is the holding company for the PayNet Group which comprises of two main subsidiaries namely, Malaysian Electronic Payment System Sdn Bhd (MEPS) and MEPS Currency Management Sdn Bhd (MCM). The PayNet Group is Malaysia's premier payments network and central infrastructure for financial markets.
We innovate, build and operate world-class payment systems and financial market infrastructures that safely, reliably and efficiently enable the functioning and development of Malaysia's financial system as well as the economy as a whole.
Bank Negara Malaysia (BNM) is PayNet's single largest shareholder, with eleven Malaysian's financial institutions namely, Malayan Banking Berhad, RHB Bank Berhad, Public Bank Berhad, CIMB Bank Berhad, AmBank (M) Berhad, Hong Leong Bank Berhad, Affin Bank Berhad, Alliance Bank Malaysia Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad and Bank Kerjasama Rakyat Malaysia Berhad, as joint shareholders.
Source: Payments Network Malaysia Sdn Bhd (PayNet)
FOR MORE INFORMATION, PLEASE CONTACT:
Citi Malaysia
Name: Sara Yasmine Mohamed
Media Relations
Tel: 6012 216 0022
Email: sara.yasmine.mohamed@citi.com
BMW Group Malaysia
Name: Mr. Sashi Ambi
Head of Corporate Communications
BMW Group Malaysia
Tel: +6012 3817182
Email: sashi.ambihaipahan@bmw.com.my
PayNet
Name: Ms Amy Pang
Head of Marketing & Communications
Tel: 03-2264 8689
Email: amy@paynet.my
--BERNAMA
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