The Electronic Exchange Of Money Transfer Information Technology Essay

One of the major function that provided by Maybank2u is electronic fund transfer (EFT). Fund transfer is the electronic exchange or transfer of money from one account to another without any paper money changing hands through computer-based system. The benefits of electronic fund transfer include reduce in admintrative costs, increased efficiency, simplified bookkeeping and greater security.

Maybank2u provides several types of fund transfer to its user, which included:

Foreign Telegraphic Transfer(Foreign TT)

Own Accounts and Third Party Transfer

GIRO Interbank Transfer

Foreign Telegraphic Transfer (Foreign TT)

Foreign telegraphic transfer is the transfer of cash or credit money to third party accounts internationally via Maybank2u.com. Money can conveniently transfer to 50 countries in 24 currencies. The process is fast and secure because the system is straight-through processing via SWIFT and TAC authentication. The system is able to calculate the value of currency conversion instantly and the amount will be directly debited from Maybank savings or current account.

There is a daily transaction limit for foreign fund transfers via Maybank2u.com. The minimum amount for both cash and credit transfers is RM250, while for the maximum amount per day is RM1,000 for cash and RM10,000 for credit with a RM10 transaction fee charges. Transaction can be performed more than one time per day. Maybank2u.com Foreign TT service only available from Monday to Friday, 10.00am to 6.00pm, excluding public holidays and Federal Territory state holidays.

Own Accounts and Third Party Transfer

Own accounts

Transfer of funds between own Maybank accounts such as money is transferred from Maybank current accounts to Maybank savings accounts. Users can choose to transfer the funds immediately or at a selected future date. No transaction fee will be charged for own accounts transfer.

Third party accounts

Transfer of funds to other Maybank users’ accounts (3rd party). Transfer funds can be made immediately or at a selected future date. No transaction fee will be charged and user can transfer funds up to a maximum of RM5,000 only per day. Transferor can opt to send an immediate email notification to recipient and this is can only apply to immediate 3rd party funds transfer. All the outstanding future transfers are recorded in a table and this enable user to check on pending funds transfer or cancel them anytime.

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GIRO Interbank Transfer

GIRO interbank transfer is the transfer funds through Maybank2u to either savings or current accounts in other local banks or financial institutions. This function is only available to all registered Maybank2u users. It is convenient and secure that users can avoid from queuing at bank or ATM. Daily transfer limit for GIRO interbank transfer is RM5000. Users cannot transfer more than that amount and RM2 service fee will be charged to each transaction. Users can also make hire purchase payments but only to Ambank, Bank Simpanan Nasional Bhd, Eon Bank and Publc bank. The money will reach the recipient’s account at the same day or next working day depends on the situation.

Maybank2u provide a highly secured fund transfers system to its users. Before users perform their transaction, they need to request and register for Transaction Authorisation Code or TAC in order to carry out the transaction which requires TAC. TAC is a unique with 6-digit computer-generated code which provides a second layer of identity authentication code before ones is allowed to perform specific transaction online. Users must register TAC at any Maybank branches and the TAC number will send to users’ mobile phone.

Steps to transfer funds via M2U

Step 1: Click ‘login’ to continue. Login button is at the top right of screen.

Step 2: Key in username and password of your Maybank2u account. Never reveal your ID and password to anyone.

Step 3: After log in to M2U account, click ‘Accounts & Bankng”.

Step 4: Find ‘Transfers’ in the left hand side of the tab Accounts & Banking then click it.

Step 5: Then, click ‘new 3rd party account transfer’ to fill up details in order to make transaction.

Step 6: Request for TAC number to carry out the fund transfer. The TAC number will be sent to the phone number that user registered. It will take some times to progress.

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Step 7: Fill in the important details.

Amount to transfer (RM200)

To third party account number (1568345680008)

Effective date

Recipient’s email ()

Description of transaction (ABC Product)

Step 8: After filled in the details. Click ‘Continue’.

Step 9: Make sure the amount transferred is the right amount. And also make sure the Account holder name is correct (Lim Laa Grr)

Step 10: Enter the TAC number that you received.

Step 11: Click ‘Comfirm’ when everything is settled. Once you have clicked it, you cannot undo or cancel this transaction.

Step 12: The approval will send through e-mail as a proof. It will take about 24 hours or few workings day.

New function: M2U application for smart phone/computer.

Maybank2u is a very useful system to Maybank account holders as it provides varieties secured online banking system to its users. Although those functions had brought convenience to the users, the advanced information technology nowadays lead them to become highly demanded and depended on the system. Maybank2u can actually launch a new function to fulfill users’ needs and wants to create a coherent offer to them.

Maybank2u should learn from its competitor like Standard Chartered because currently their banking system provides a mobile solution ‘BREEZE’for iPhone and iPad that allows users to perform online banking without using web browser. BREEZE is a freshier, simplier and more convenient way to manage money. Breeze is a simple yet easy to control application with no complicated menus, no jargon.

Users can move their money with simple steps and locate ATM with just a click.

Breeze show payment history in a clear and easy understandable way.

The new function that I would suggest to Maybank2u website is mobile or online application for computer or smart phones that using IOS, android, or window phone 7 operating system. This application is also functioning similarly as the BREEZE by Standard Chartered. There are two types of platform available to use this M2U application on as for the preferences of the users which are using it online or downloaded to phone. This new function is very beneficial to their users especially for those who are using smart phone or iPad. Although users are able to access internet by using web browser but sometimes it is very time consuming to load the website. Users can do any of their banking transaction fast and direct by using this application.

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Besides that, M2U application allows fast access to the Maybank2u website. Users can experience a brand new way of banking that lets them manage their money, do financing and the most importantly is it can help users to do financial planning and budgeting by just a few click. In short, the control of bank account is all in user’s hand. The people nowadays pay more concern and attention on money managing; people intend to save more money for emergency or future used. So, the users could do their financial planning by using M2U application, an alert will send out to users if they spend more than the budget that they have set.

In addition, there are some other features that M2U application provided such as reminders and calendar. Both the reminders and calendar can be fully utilized to perform or record daily transaction. Reminders used as a tool to notify users about the outstanding transaction and helps users to keep track of their future expenses and income. Calendar will show users the transactions they make on any Maybank accounts lay out either by week or month. This will make the function more systematic and easy to use.

Lastly, I would really hope that Maybank2u.com can implement this M2U application to increase users’ satisfaction as it shows bank accounts and transaction activities at a glance, pay bill and manage savings. M2U application provides a clear and simple user interface that allow user to interact well with the system.

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