Maybank eCustody service

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THE newly launched Maybank eCustody service will enable the group’s electronic transaction banking services to go regional.

Maybank deputy president and head of global wholesale banking, Abdul Farid Alias said this new service provided the “final link” in the group’s overall electronic transaction banking offered to clients.

He said this at the launch of the bank’s eCustody service, which is the latest online module within its electronic transaction banking portal, Maybank2E.net.

The service makes Maybank the first local bank to launch an electronic, front-end, Internet-based platform offering institutional clients the flexibility of online management of their custody accounts with the group.

Safety feature: Wong and Farid demonstrating the Maybank eCustody service.

Speaking at the launch, Abdul Farid said Maybank eCustody was designed to ensure it was best-in-class, coming with extensive client-driven features and at par with primary global custodian banks in Malaysia.

He said the service would immediately be made available to all Maybank’s existing custody clients, which included asset managers, GLCs, trustees as well as other financial institutions.

“We currently have more than 100 Custody clients, who in turn have more than 4,000 beneficiaries. We are expecting to convert 60% of our existing client base to the eCustody platform by the end of 2012.”

Abdul Farid said the main feature which differentiated Maybank eCustody from competitors was the unique dashboard summary on the home page.

“This dashboard offers clients easy maintenance of each account and features a ‘traffic light’ function which alerts clients of upcoming corporate actions or meetings and enables them to act accordingly,” he explained.

“Maybank eCustody clients will never miss out on important corporate actions that require attention and are assured of having a 360 degree view of their accounts,” he added.

Maybank eCustody promises clients better cost savings and convenience as well as improved efficiency and productivity. It enables them to make enquiries about their holdings without the need to call in or request for hard copy statements. In addition, they can send the bank instructions online instead of via fax or e-mail, which will be transmitted electronically in real time.

These are integrated to the back -end system for immediate processing, guaranteeing greater accuracy when executing client instructions.

Clients also enjoy better security through the new system as they can set multiple levels of authorisation. Authorised key personnel will be allowed to have dual factor authentication, and trade instructions will have to be authenticated before being transmitted. The system is robust enough for clients to send in as many trade instructions as they wish.

Clients will be able to customise five out of nine types of reports within eCustody to suit their needs. These formats may be in PDF, Excel or Text. Key reports offered by the platform include settlement reports, failed or cancellation trade reports, corporate actions report, shareholdings reports, substantial holdings reports as well as statement of holdings, which is available on a monthly basis.

Abdul Farid said eCustody would enable Maybank to take electronic transaction banking portal capabilities regional.

“Today, with many corporations investing in the region such as in Indonesia, Cambodia, Vietnam, Singapore and the Philippines, this presents us the opportunity to extend our electronic transaction banking services regionally,” he said.

“We aim to launch our regional electronic transaction banking service within the next year. It will incorporate custody services as well as cash management and trade finance.