internet banking system malaysia

Convenience of Internet Banking

We live in a modern world with amazing technology that helps us carry out our day-to-day activities with ease. Often we take these conveniences for granted but there are very few activities that we are always grateful for when it comes to the usage of modern day technology. That being running errands at the bank. 

Anyone that has ran errands at the bank knows the struggles. The long waits, the sudden skip of the numbers, the crying children and those that could not sit still and the miscommunications that could happen between the clerks or bank tellers and the customers. It is a relatively long and painful process when it comes to getting anything done. Thus, access to the internet and online banking is made easy. 

Internet Banking Systems in Malaysia

When it comes to making any form of payment through the online systems, there are two primary payment systems in place.

Large Value Payment System (SIPS) which processes high-value and important payments to ensure the economy functions smoothly. This also includes the financial system and financial market. The functionality of SIPS is crucial to prevent any disruptions domestically and possibly internationally. Real Time Electronics Transfer of Funds and Securities (RENTAS) also functions through this to improve the SIPS. It allows the transfer and settlement of interbank funds and script-less Securities Transfer System(SSTS).

The other payment system is the Retail Payment System. This system could be divided into different sections which are the Retail Payment Systems, Retail Payment Instruments and the Retail Payment Channels. The system side of the function handles shared ATM Networks, e-Debit and Direct Debit. The Instruments section would handle the cheques, credit card, debit cards and e-money. Lastly, the channels would handle the ATM, Internet and Mobile Banking along with other payments.

These convenient systems are in place so that people could make their necessary payments in the comfort of their own home. As Malaysians we should be grateful for the internet banking system malaysia because it has made it extremely easy to run any errands we have to get done at the bank conveniently throughout these years. 

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Safety Is Important

By giving most people the choice of doing their payments and such online gives a certain amount of safety as well. Banks are rather enclosed places indoors, and with the current pandemic, not being in an enclosed space with strangers is something that should be done. Social distancing is still a very good habit these days to ensure the safety of every individual. Besides that, without being at the bank, it also gives people the safety of not being in certain rare but not impossible scenarios such as bank robbery as an example. 

Besides that, doing errands away from banks also helps with the convenience of not needing to clear out an entire day just to go to the bank and sit there for hours. The usage of online banking can help the average person to not only do their banking on-the-go but also help them do it with ease and speed.

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