CIMB head of consumer banking Maysia Daniel Cheong (left) and Paynet senior director of the commercial division Azrul Fakhzan Mainor.
PETALING JAYA: CIMB Bank Bhd, in collaboration with Payments Network Malaysia Sdn Bhd (PayNet), has launched Malaysia’s first payment terminal with automated e-invoice capability.
This innovation aims to streamline invoicing processes and ensure seamless compliance with the Inland Revenue Board’s e-invoice mandate for businesses, including small and medium enterprises.
In a statement, CIMB said the bank is currently piloting the service with select merchants and plans a full rollout by the second quarter of 2025.
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.
CIMB said the terminal is more than just a payment acceptance device; it features built-in point of sale (POS) functionality, allowing it to serve as a standalone POS system or integrate seamlessly with existing POS setups via application programming interface.
“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,” group consumer and digital banking chief executive officer Effendy Shahul Hamid said.
He added that 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.”
