Tuesday, January 19, 2010

IBG

Inter Banking Giro


IBG was implemented by MEPS in October 2000, to electronically handle payment transactions between accounts of different banks. While the central bank’s RENTAS handles large-value funds transactions between banks, IBG is used primarily for high-volume, low-value third-party inter-bank payments.


IBG member banks consist of 14 domestic commercial banks and finance companies, with total annual transactions of 592,000, amounting to RM4.73 billion. There are three parties to the IBG system: remitting financial institutions, system operators of MEPS, and receiving financial institutions. Upon receipt of payment orders from customers, remitting financial

institutions send them to MEPS, which classifies them by receiving banks and executes the transfers between banks. The receiving banks post into the accounts of the final recipient, (beneficiaries) after receipt of entries from MEPS.


You can go to any of these financial institutions:

  1. Affin Bank
  2. Alliance Bank
  3. AmBank
  4. Bank Islam
  5. Bank Muamalat
  6. Bank Rakyat
  7. Bank of America
  8. Bank Simpanan Nasional
  9. CIMB Bank
  10. Citibank
  11. Deutsche Bank
  1. EON Bank
  2. Hong Leong Bank
  3. HSBC Bank
  4. Maybank
  5. OCBC Bank
  6. Public Bank
  7. RHB Bank
  8. Royal Bank of Scotland
  9. Standard Chartered Bank
  10. UOB Bank

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