Source: DBS To help corporate clients keep in step with changing consumer behaviour where digital payments are becoming more popular, DBS bank today announced that it would help its corporate clients reduce cheque usage by at least 30% in the next 24 months. The Bank projects that this will lead to a reduction of millions of cheques issued by companies.DBS corporate clients can now plug into the bank’s Application Programming Interface (APIs) to pay their retail customers instantly through PayNow. The new digital payment solution is powered by DBS IDEAL RAPID which helps corporate clients expedite their customers’ payments so that they can receive their claims instantly.As a leader in digital banking, DBS Bank is working with government agencies and all companies to help them shift from traditional payment methods to digital alternatives such as PayNow and FAST.Raof Latiff, Head of Digital, Institutional Banking Group, DBS Bank, said the bank has seen a five-fold increase in corporate clients requesting for digital payment solutions to be embedded into their payments processes over the last 12 months.“Consumer behaviour is changing so quickly and businesses find themselves having to stay abreast with changing payment demands. The man-on-the-street wants to receive their payments instantly, without the need to bank in a cheque. The ubiquity of the mobile phone means that cheque payments will soon be a thing of the past and forward-looking companies are re-working their business processes to stay relevant, save time and serve their customers better.”The insurance industry is an early adopter of PayNow. DBS is working with insurance companies to introduce instant claims payments through PayNow where only a mobile number or NRIC number is needed for approved claims to be disbursed. Currently, most insurance claims are paid through cheques which account for about 10% of corporate cheques issued by DBS in Singapore. Through such companies making such changes to their payments processes, the bank foresees a 30% reduction in corporate cheque usage by 2020.Mr Ho Kai Weng, Chief Executive, General Insurance Association of Singapore said, “Speed and convenience are key for claimants when it comes to their insurance claims. We are making a difference in both these areas with PayNow. They will receive their payments instantaneously, and do not need to visit a bank to deposit their cheques. For our member insurers, this new way of making payments also means better operational efficiency.”Since 2017, DBS has introduced a slew of innovative solutions as well as differentiated pricing structures to speed up electronic payments and funds transfer adoption among its corporate clients. They range from a complete waiver of monthly charges for usage of its corporate banking platform IDEAL, to dramatically reducing FAST pricing from SGD 5 to a low SGD 0.50. DBS also launched corporate bill payments via IDEAL earlier this year, enabling all its corporate clients to pay bills online. With these offerings, DBS has seen payments via FAST grow by more than 300% and digital payments increase by 25% amongst corporate clients.DBS was also the first among its peers in Singapore to launch its revolutionary API platform, IDEAL RAPID, creating instant payments and streamlined processes for corporate customers.
Singapore - based credit Bank has developed digital payment service PayNow to help its corporate clients reduce cheque payments by 10 % in the next 12 months . Bank clients can now make payments immediately using the service , which runs on the bank 's application programming interface , Ideal Rapid . DBS Bank is also working with government agencies and companies to help them move to digital payment methods , such as PayNow and Fast . In addition , the bank is working with insurance companies for instant claims payments through PayNow , using only a mobile number or Singapore 's national identity card card .