18 December 2024
Kuala Lumpur: CIMB Bank Berhad (“CIMB” or “the Bank”), in partnership with Payments Network Malaysia Sdn Bhd (“PayNet”), introduced Malaysia’s first payment terminal with automated e-invoice capability (“the terminal”). This innovation aims to streamline invoicing processes and ensure seamless compliance with the Inland Revenue Board’s (“LHDN”) e-invoice mandate for businesses, including small and medium enterprises (“SME”). The Bank is currently piloting the service with select merchants and plans a full rollout by Q2 2025. Designed with an intuitive interface, the terminal simplifies operations for both merchants and customers, enhancing the overall customer experience whilst reducing the risk of manual errors.
The system is integrated into CIMB’s payment terminals for merchants, fully automating the invoicing process – from creation to instant delivery of e-invoices to customers – significantly reducing administrative tasks. More than just a payment acceptance device, this terminal features a built-in Point-Of-Sale (“POS”) functionality, which also serves as a standalone POS system or be easily integrated with existing POS setups via Application Programming Interface (“API”). It also allows merchants to generate itemised billing for customers, encouraging further transparency. In addition, the terminal provides real-time voice alerts for both card and QR code transactions, which help to improve security and provide added convenience.
Effendy Shahul Hamid, Chief Executive Officer, Group Consumer and Digital Banking, CIMB Group said, “At CIMB, we understand that implementing e-invoicing can be a challenge due to the complexity of businesses' current accounting systems and compliance requirements. To assist our customers, we are pleased to work with PayNet to introduce the first payment terminal with e-invoice capability, driving CIMB’s ongoing commitment to integrating digital innovations into unique propositions for our customers. This innovative solution is designed to simplify compliance processes for businesses while enhancing customer experience. By streamlining operations, we empower businesses to focus on growth and services, while ensuring they meet regulatory requirements with ease. The terminal reflects our dedication to delivering practical and future-ready solutions that support both businesses and customers in a rapidly evolving business landscape.”
Azrul Fakhzan Mainor, Senior Director of the Commercial Division at PayNet, stated, “The collaboration between PayNet and CIMB represents a significant milestone in the advancement of Malaysia’s payments infrastructure. By automating e-invoice generation at the point of sale, operations are streamlined, errors are minimised, costs are reduced and customers are able to immediately access their e-invoices, enhancing the overall transaction experience. It also addresses SMEs’ needs and requirements as they scale up their businesses. This partnership underscores PayNet’s own commitment to driving Malaysia’s digital transformation, enabling both businesses and consumers to navigate the future of payments with efficiency and confidence.”
With the focus on bridging the end-to-end experience from payment to e-invoicing, the terminal sets a new benchmark in customer-focused business tools. Through automating e-invoicing processes and integrating essential features, the payment terminal addresses the diverse needs of businesses while supporting Bank Negara Malaysia’s fraud prevention initiatives, providing an added layer of protection for both merchants and consumers.
