Inter/Intra bank funds transfer service now available through every Yoma Bank ATM
Yoma Bank becomes one of the first two banks in Myanmar offering inter/intra bank fund transfer service
Oct 1, 2019
Yangon, Myanmar – October 1st, 2019 – Yoma Bank has made inter/intra bank funds transfer service available on all of its automated teller machines (ATMs) and becomes one of the first two banks in Myanmar to offer this service. The new service will allow users to transfer funds instantly through every Yoma Bank ATM to any local currency account of local banks using FIS IST/Switch1*. Not only will this service reduce time from paper-based banking operations, it will also enhance real-time cash transfer for all ATM card users without the need to visit a Bank’s branch.
U Kyaw Soe Lin, Chief Technology Officer of Yoma Bank, said “We are proud to be one of the pioneers in the country to provide an inter/intra bank funds transfer service through ATMs, demonstrating our commitment to Myanmar’s financial industry by supporting a cashless economy. With this service being active from now on, all ATM card holders can settle their cash flow management instantly using our ATMs. We believe that enabling this kind of service which is time-saving, easily accessible and available around the clock will also promote financial inclusion within the country and less cash ecosystem.”
U Zaw Lin Htut, CEO of MPU stated, “We are amazed to see the outcome of our efforts put over the past years in implementing the service and appreciate the effort of Yoma Bank and Shwe Bank to make it real. Yoma Bank has successfully installed the new software, FIS IST/Switch, in all of its ATMs to make the system active. The new service will reinforce efficient liquidity flow and foster the development of interbank market in the country at the same time improving the efficiency of non-cash payment system.”
The inter/intra bank transaction service is available at every Yoma Bank ATM across the country and funds will be transferred instantly upon the confirmation of transaction. A service charge of 200 MMK and 0.05% of the amount transferred will be incurred per transaction. The maximum transfer limit per day is 10,000,000 MMK.
Among 28 local banks under the MPU network, Yoma Bank and Shwe Bank are the only two banks that have made interbank funds transfer service available through their ATMs. According to the CBM’s guidelines, all banks under the MPU network shall implement the new switch system at their ATMs by December 2019.
*FIS IST/Switch is a multi-channel, open-systems transaction switching platform developed by Fidelity National Information Services, Inc. (FiS), international provider of financial services technology and outsourcing services based in the United States. FiS has over 20,000 clients in more than 130 countries.