Danamon, Investree Sign Landmark MoU

News / 27 June 2019

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Jakarta, 25 June 2019 – PT Bank Danamon Indonesia Tbk (Danamon) signed a Memorandum of Understanding (MoU) with PT Investree Radhika Jaya (Investree) on Tuesday (25/6) that will provide greater convenience for customers in opening lender funding accounts and direct debit features for  investment purposes.

The agreement is the latest cooperation between Danamon and Indonesia’s leading peer-to-peer marketplace.

The MoU extends to the process of opening a savings account as a fund-holding account for lenders as well as integrating the direct debit feature. This enables direct debit of the lender’s fund for transfer to their Investree account.

The new services also support implementation of the inclusion and financial literacy program endorsed by the Financial Services Authority (OJK).

“This agreement represents an affirmative step by Danamon Bank and Investree  to  provide the best services to customers. We expect that the opening of lender funding accounts and direct debit features will ensure greater convenience to our valued customers whenever they wish to deposit funds, monitor investment funds and also repay investment funds in real time”, said Elisa Majasari Halim,  Head of Transaction Banking Product Danamon Bank.

Investree Co-founder Dr Amir Amiruddin said the agreement was yet another example of the positive cooperation between the two parties for their customers.

“The journey of Investree and Bank Danamon began in the first year of Investree’s establishment. Aside from strategic partnerships in cash management systems, we were joint winners of the Best Cash Management Solutions in the category of “New Economy Solutions” from The Asset Magazine,” Amiruddin said.

The new services meet the needs of the Investree marketplace to routinely perform fund deposits, fund debits, monitoring as well as investment interest returns.

“With the presence of these new features, we hope that it will provide expedited services, convenience and more benefits for Investree customers, especially in taking advantage of the fact the Investree platform is now licensed and monitored by the OJK,” he added.

Both services are currently in the pilot process with implementation expected in the near future. Bank Danamon has a long-held reputation for continually increasing its range of prime banking services and collaborations to accommodate digital products and improve services to customers. The latest cooperation governs the following: 

Opening Funding Account for Lender entails the process of opening an account digitally; it is  supported by the Know Your Customer (KYC) verification process via video that frees customers from the requirement to visit a bank branch.  By obtaining the Lender Funding Account from Bank Danamon, apart from its function as a deposit account and fund holding account for Investree lenders, customers are entitled to various banking features and services such as bill payments, purchases, top up function, as well as exemption from sign-up and  initial deposit fees.

Direct Debit facilitates the instruction process of transferring funds for lending as well as fund returns in the Investree marketplace lending platform. In order to enjoy the Direct Debit service, customer must register to activate the fund deposit instruction to have the lending fund process to be automatically done by the system.

The above-mentioned products are directly connected to the core banking system owned by the bank and can be utilized for 24 hours for transactions. Bank Danamon will always also instantly receive fund deposits in the lender’s account and instruct fund debits through Direct Debit to the fund holding account of the Investree lending fund. This service is also equipped with sophisticated reporting system for customers to know in detail the value of deposit, fund debit and investment returns nominal followed by the time of transaction after its successful completion.

The solution of Opening Funding Account for Lenders and Direct Debit from Danamon Bank is currently in the process of piloting and will soon be implemented. This solution will meet the needs of the service from Investree marketplace lending that routinely perform fund deposit, fund debit process, funding monitoring process as well as investment interest returns.