Communiqué on Payment Reference Standards for easier reconciliation

The Association of Banks in Malaysia

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Communiqué on Payment Reference Standards for easier reconciliation

1. Introduction
The Association of Banks in Malaysia (ABM) in collaboration with our members which are respectively licensed commercial banks, will be taking a first step to ensure that payments can be easily identified for Interbank GIRO (IBG) fund transfers by internet or mobile banking. The main aim is to facilitate reconciliation on the part of the payee or recipient. Emphasis on the need for the person making the transfer (the sender) to fill a simple description, as well as explanatory notes for filling the same (to better identify the purpose of the payment and payer), will be introduced.

The four parties generally involved in an e-payment transaction are:-
  • Sender/Remitter
  • Sending/Originating Financial Institution
  • Receiving Financial Institution
  • Recipient/Beneficiary
2. Example of IBG screen shot
3. Example of Current/Savings account statement
4. Comments

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The Association of Banks in Malaysia (ABM) was formed in November 1973. Our membership is currently made up of the 27 commercial banks operating in Malaysia.

Since its inception, ABM has been actively involved in various initiatives to promote and strengthen the commercial banking industry to become more resilient, effective and efficient.

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