Why is Maybank “partnering” with other third solution providers, and how does it help me?
We understand that a business’s needs go beyond just banking, and we aim to make running and growing your business easy and efficient by securely integrating with third party solution providers to collaborate in creating features that would solve your pain points across a range of industries. For example – we first partnered with accounting service providers to automate the currently manual process of bank reconciliation (recon) by transmitting Maybank account transaction records to our accounting partners for auto bank reconciliation all on one platform.
What exactly is this Auto Bank Reconciliation (Recon) function?
By partnering with Maybank, these chosen accounting providers bring you an auto-recon function that dramatically frees up your time and effort. Link your Maybank SME CASA accounts to perform auto bank recon on the accounting partner’s platform at the click of a button. This process requires minimal human supervision and manual intervention hence allowing your business to increase speed, efficiency, and accuracy by eliminating bookkeeping tasks.
Am I eligible for this service?
As a Maybank SME CASA account holder, you will be eligible to link your account(s) to enjoy the Auto Bank Recon feature. Please refer to this cheat sheet for further information.
Which of my Maybank accounts can be linked?
You can link any of your Maybank SME / Business Current and Savings accounts (both Conventional and Islamic) to your chosen accounting service provider.
Why should I link my bank feed to my accounting service provider?
By linking your Maybank account to your accounting service provider, your accounting software will be able to automatically download your Maybank business account transactions upon your request. This will save you time and reduce errors compared to manually entering transactions. This will also allow for automatic reconciliation, which matches your bank transactions to the ledger values to ensure smoother bookkeeping.
Here are some of the benefits of linking your bank feed:
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Track your cash flow more easily
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Easier to detect fraud or errors in your bank statements
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Stay on top of your accounts receivable
Should I use my old BRN No. or new BRN no. for registration?
Please use the BRN no. that you have registered with Maybank.
I used my new BRN no. during the linkage journey, but I keep getting an error, why is this happening?
Please ensure that the BRN number that you have entered matches the BRN number you have registered with Maybank.
How do I update my BRN no. with Maybank?
To update your BRN no. with Maybank, kindly visit the closest Maybank Branch in your area. The friendly staff there will be happy to assist you with the process.
How do I link my bank feed to my accounting service provider?
If your accounting service provider is partnered with Maybank, you will be able to link your Maybank account(s) to use this auto-reconciliation feature.
Linkage Flow - Sole Proprietor
Follow the steps below to link your account:
Step 1: Log in to your accounting service provider’s platform.
Step 2: Locate the Maybank link or connect button (Please refer to your accounting service provider’s FAQ/ journey if further clarity is needed).
Step 3: Click to “Connect” and you will be redirected to Maybank’s secure platform for further identity verification/ authentication.
Step 4: Log in using your Maybank business account ID and password.
Step 5: Read the snapshot summary of terms of use and click “Proceed to link”.
Step 6: Choose a maximum of three accounts to link and confirm.
Step 7: Authorize your Secure2u and once verified, the link will be established. You may return to the accounting provider platform to perform auto-recon.
Linkage Flow – Non-Sole Proprietor
Follow the steps below to link your account:
Step 1: Maker to log in to your accounting service provider’s platform.
Step 2: Maker then needs to locate the Maybank link or connect button (Please refer to your accounting service provider’s FAQ/ journey if further clarity is needed).
Step 3: Maker will click to “Connect” and you will be redirected to Maybank’s secure platform for further identity verification/ authentication.
Step 4: The Maker will then log in using their Maybank business account ID and password.
Step 5: Read the snapshot summary of terms of use and click “Proceed to link”.
Step 6: Choose a maximum of three accounts to link and confirm.
Step 7: Maker needs to authorize their Secure2u/SMS TAC and once verified, a notification will be sent to the Checker for approval.
Step 8: The Checker will then need to log in to their existing M2U BIZ app and approve the Linkage request now listed under the “Approvals” section.
Step 9: Once Checker has authorized via Secure2u, the linkage will be established. You may return to the accounting provider platform to perform auto-recon.
How many times do I have to perform this linkage?
You’ll only have to link once to enjoy unlimited use of the Auto Bank Recon feature.
How secure is linking my Maybank accounts to selected accounting partners?
Maybank and your accounting service provider work together to ensure your data is transmitted safely and securely using systems audited regularly to comply with industry standards. Here's how:
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Data encryption: Maybank and your accounting partner use secure systems to transmit your data. These systems are regularly audited to meet the highest industry standards.
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Multi-factor authentication: You'll need to log in securely with your Maybank username and password, followed by Secure2u verification for an extra layer of protection.
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Backend checks: Additional security measures are in place from the backend to verify your identity.
Does the bank feed transfer the latest transaction data to the partners?
Once successfully linked, the accounting service provider will receive transaction records for the last 90 days from Maybank, up to T-1 day at 10.30am daily.
Is there a cost for enabling auto-reconciliation?
The auto-reconciliation feature is included in your accounting software subscription. However, pricing structures may vary. Please refer to your accounting service provider for their specific terms and conditions.
It's important to note that Maybank does not charge any additional fees or commissions for this service.
I use multiple bank accounts for my business. Can I link all of them?
Yes. You may link up to minimum of one and maximum of three Maybank SME CASA accounts to their accounting software service provider.
How do I know if linkage has been established?
You can check the linkage status in two ways:
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Maybank Platform: Sole proprietors can view this on the Maybank2u website. Businesses with multiple owners can check it on the Maybank2u Biz app.
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Accounting Software: Your accounting software platform should also display a "Connected" status if the linkage is successful.
Will my accounting service provider have access to my bank account?
No. Your accounting service provider will only receive your transaction data, not your login credentials or any ability to directly access your Maybank account.
Can I unlink my account(s)?
Yes. You may unlink your accounts any time, via either Maybank’s or your accounting service provider’s platform. Unlinking will stop the automatic transfer of transaction data, and you'll need to relink if you want to resume auto-reconciliation.
Here are some guidelines you might find helpful:
Un-Linkage Flow - Sole Proprietor
Sole Props can unlink from the M2U Internet banking platform by following the steps below:
Step 1: Log into your Maybank business account via M2U.
Step 2: Go to Settings and navigate to the Pay & Transfer tab.
Step 3: Select Linked Accounts within the left side menu.
Step 4: Under the Other Partner Services section, select the More Actions icon.
Step 5: Click to unlink, and confirm with S2u to complete the un-linkage process.
Un-Linkage Flow – Non-Sole Proprietor
Non-Sole Props [Checker-Role] can unlink from the M2U Biz App by following the steps below:
Step 1: Checker Logs into to their existing M2U BIZ app.
Step 2: Go to the Menu Bar > Settings and navigate to the Linked Accounts tab.
Step 3: Select tab with the Partners Name and the Account linked to it on the screen, then click on the unlink button.
Alternative: Checker can also swipe to the left and click the unlink icon.
Step 4: Checker will then confirm with S2u to complete the process.
Un-Linkage Flow – Partner Platform
To unlink from your accounting service provider’s platform, please proceed to their homepage and follow the instructions on their FAQ page.
I’m an accountant, can I make use of this auto bank reconciliation feature on my client’s behalf?
Yes, absolutely. Once your client links their chosen Maybank account(s) to the accounting service provider, you can use the auto-reconciliation feature to streamline their bookkeeping process. It's important to ensure your client understands and consents to you using this feature on their behalf
Where can I find more information about the promotions offered by the partnered accounting service providers?
Please refer to Maybank Business Solutions Promotion page.
Sole/Non Sole Prop – Classification Cheat Sheet
| Classification | Business Description | Platform |
|
Sole Prop |
Sole Prop |
M2U UIUX |
| Non-Sole Prop |
Professional |
M2U BIZ |
|
Partnership |
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|
SDN BHD |
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|
Association |
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|
Coop |
||
|
School |
||
|
Public Limited/ Limited Libility Partnership (LLP) |
||
|
NFPE |
||
|
Other Govt CTL |
||
|
Unit Trust |
||
|
Discount House Etc |
||
|
Money Lender |
||
|
EPF / Other Prov |
||
|
Insurance Co |
||
|
Other Finance Inst |
||
|
Other Stockbroking |
||
|
Commercial & Non Commercial Bank |
||
|
OECD Bank |
||
|
Merchant Bank & Finance Co |
||
|
MBB Collection Acct |
||
|
Trade Union |
||
|
Government |
||
|
Embassy |
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