They aim to reduce corporate cheque payments by 30% in 2020.
DBS is targeting 30% reduction in corporate cheque payments by 2020 through the integration of e-payment solution PayNow into their bank’s API.
According to a press release, the new digital payment solution is powered by DBS IDEAL RAPID which expedite customer’ payments to enable instant claims.
“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,” said DBS bank head of digital, institutional banking group Raof Latiff.
The bank is also working with insurance companies to introduce instant claim payments through PayNow where only a mobile number or NRIC number is ncessary for the disbursement of approved 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,” said General Insurance Association of Singapore chief executive Ho Kai Weng.
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