CIMB Bank Bhd, together with Payments Network Malaysia Sdn Bhd (PayNet), have unveiled Malaysia’s first automated e-invoice payment terminal. The invention aims to streamline invoicing procedures and ensure seamless compliance with the Inland Revenue Board’s (LHDN) e-invoice requirement for companies, particularly SMEs.
The bank intends to fully carry out the service by Q2 2025 after trying it with a few retailers. The terminal’s user-friendly interface lowers the possibility of human mistakes while streamlining procedures for both merchants and consumers, improving the overall customer experience.
By integrating the system with CIMB’s merchant payment terminals, it completely automates the invoicing process, from creation to immediate client delivery of e-invoices, thereby greatly reducing administrative work.
This terminal offers built-in Point-Of-Sale (POS) capabilities, enabling it to function as a standalone POS system or seamlessly integrate with pre-existing POS configurations via the Application Programming Interface (API).
Additionally, it enables retailers to provide itemised invoices for clients, promoting even more openness. To further enhance security and add convenience, the terminal now offers real-time speech notifications for card and QR code transactions.
The complexity of organisations’ present accounting systems and regulatory standards might make e-invoicing difficult to execute, according to Effendy Shahul Hamid, Chief Executive Officer, Group Consumer and Digital Banking, CIMB Group.
“As part of our continued dedication to incorporating digital innovations into distinctive offerings for our clients, we are pleased to collaborate with PayNet to launch the first payment terminal with e-invoice functionality.
“Our cutting-edge system aims to enhance customer satisfaction and streamline compliance procedures for companies. By simplifying processes, we enable companies to concentrate on expansion and services while making sure they easily satisfy legal obligations.
“The terminal is a testament to our commitment to providing useful, cutting-edge solutions that assist clients and companies alike in a business environment that is changing quickly.”
The partnership between PayNet and CIMB marks a critical turning point in the development of Malaysia’s payments infrastructure, said Azrul Fakhzan Mainor, Senior Director of the Commercial Division at PayNet.
Automating e-invoice generation at the point of sale improves the overall transaction experience by streamlining processes, minimizing mistakes, cutting costs, and enabling consumers to view their e-invoices instantly. It also considers the demands and expectations of SMEs as their enterprises grow.
This collaboration This highlights PayNet’s personal dedication to advancing Malaysia’s digital transformation and providing consumers and companies with the tools they need to confidently and efficiently navigate the payments of the future.
The terminal raises the bar for customer-focused business solutions by concentrating on connecting the entire process, from payment to e-invoicing.
The payment terminal supports Bank Negara Malaysia’s fraud prevention efforts and caters to the various demands of companies by automating e-invoicing procedures and including necessary features, adding an extra degree of security for both customers and retailers.
