CB Bank Introduces Internet Banking for Businesses

Cooperative Bank (CB) said it has launched a “business internet banking (iBanking)” service that will allow companies to grant authority to employees at different levels to manage the firms’ bank accounts.

Authorised staff will be able to access and manage the companies’ accounts allowing them to issue wages, handle account maintenance, remit money to foreign banks and conduct non-trade banking activities, the local lender said.

The iBanking service can be accessed through computers, mobile phones, tablets and smart TVs among other electronic devices.

“You can pay salaries to all the employees through a few clicks. The system will automatically refill the accounts of a company’s branch offices when their accounts go below K1 million. The employers can also fix the setting to automatically subtract money from the accounts of the branch offices if they exceed K2 million,” said U Kyaw Lynn, executive vice chairman and CEO of the bank.

The bank said that the system deploys the OTP (one time password) technology which can ensure security and protection of the clients.

Clients who have an account with the bank can sign up for the iBanking service electronically after which they can access the service with specific username, password and OTP pin number through the bank’s website.

“As we have installed the OTP system, an outsider cannot breach the company’s account just by knowing the username and password. The client’s interests are protected by many layers of security,” the chief executive said.

Companies using the service will be able to remit payments to foreign accounts for their imports as well as for non-trade activities such as settling educational charges or paying salaries of overseas employees.

They will also be able to remit money or accept remittances to and from the local banks that are linked with CB Bank. Companies will regularly receive emails and SMS alerts regarding their accounts and can get their transaction data in PDF or CSV formats, CB Bank said.

“We have linked with local banks for remittances. The service will also cover remittances for trading and non-trading activities with foreign banks. The iBanking service will save a lot of time for the companies,” U Kyaw Lynn said.

CB Bank is also operating internet banking and mobile banking services and said it has received positive feedback from users.

Source: Myanmar Business Today

To learn more about how Myanmar businesses are adapting to the internet go to http://consult-myanmar.com/2015/10/28/myanmar-businesses-slow-to-adapt-to-improvements-in-internet/

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