Modern society has incredible technology that makes it easy for us to go about our daily lives. When it comes to using modern technology, there are very few things for which we are always appreciative. Instead, we frequently take these advantages for granted. That would be performing tasks at the bank while being in the comfort of our homes.
Anyone who has run errands at the bank is familiar with the difficulties. the extended waits, the unexpected skip of the numbers, the wailing children and restless people, and the potential for misunderstandings between customers and bank tellers or staff. When it comes to getting anything done, the process is typically drawn out and painful. As a result, it is simple to access the internet and online banking.
Malaysian Internet banking systems
There are two main payment mechanisms in existence when it comes to making any type of payment through online systems.
To guarantee that the economy runs smoothly, there is a system called the Large Value Payment System (SIPS) that handles large and significant payments. The financial market and system are also included in this. To avoid any domestic or perhaps even global interruptions, SIPS functionality is essential. Through this, Real Time Electronics Transfer of Funds and Securities (RENTAS) also works to enhance SIPS. It enables the scriptless Securities Transfer System and the transfer and settlement of interbank monies (SSTS).
The Retail Payment System is the other form of payment. The Retail Payment Systems, Retail Payment Instruments, and Retail Payment Channels are three categories into which this system can be separated. The system side of the function manages Direct Debit, e-Debit, and shared ATM Networks. Cheques, credit cards, debit cards, and electronic money would all be handled by the Instruments division. Finally, the channels would handle additional payments as well as ATM, Internet, and mobile banking transactions.
People can make their required payments in the comfort of their own homes thanks to these practical systems, which are in place. As Malaysians, we should be happy with internet banking Malaysia because it has made it so much more simple for us to conveniently complete any tasks we have at the bank over the years. This would mean that we would not need to bother with the hassle of sitting at the bank with a number in hand waiting for the screen to display our number and direct us to a counter which in some cases will direct us to another counter to complete our errand, taking up so much time, not including the waiting time for our number to be called in the first place.
Safety Is Crucial
Giving the majority of people the option to make purchases and other transactions online also provides a certain level of protection. Due to the present epidemic, avoiding enclosed spaces with strangers is something that should be done. Banks are rather indoor, contained spaces. Nowadays, maintaining social distance is still a very wise habit to safeguard everyone’s safety. In addition, not being at the bank affords people the security of avoiding some uncommon but not impossible situations, like bank robbery as an example.