It features a unique PayNow QR code that can be easily tracked by the bank.

Maybank Singapore has launched PayNow ready invoices in an effort to streamline the payment process for businesses and SMEs.

Developed with the assistance of the Asian Business Software Solutions’ cloud-based accounting software Financio, the PayNow-ready invoice features a unique and dynamic PayNow QR code that already embeds the company’s Unique Entity Number (UEN), payer name, invoice number and payment account which can then be easily tracked in Maybank’s Business Internet Banking.

This does away with the generic PayNow QR code generated through a Business Internet Banking or mobile banking app to collect payments.

“Payments received are immediately reflected in the company’s bank account which means business owners spend less time depositing cheques and cash, and free up their time to develop their business,” Cynthia Liaw, head of virtual banking & Payments at Maybank Singapore said in a statement.

The move also makes it simple for customers to update their accounts receivable and track collection status whilst giving an extra level of convenience to business owners since the PayNow QR code can be generated without constantly logging in to a banking service.

“The sign-up response has been positive as many of our customers are responding to the government’s call to use less cash, write fewer cheques and adopt e-payments. Customers who have signed up are mainly SMEs, including those from the wholesale trade, retail trade and service sectors,” she added.

Maybank Singapore is waiving all transaction fees on PayNow until December 2019.

PayNow is a peer-to-peer fund transfer service enabling customers of participating banks to send and receive funds using only their mobile number. The service has since extended to businesses with the launch of PayNow Corporate in August.