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RETAIL BANKING | Staff Reporter, Singapore

DBS unveils online payments solution to simplify SMEs' bill payments

This is through a partnership with software company Xero.

DBS Bank and Xero announce the launch of an online payments solution that simplifies bill payments to help start-ups and SMEs manage their cash flow needs better.

The DBS-Xero payment solution addresses payment problems among SMEs caused by finance-related concerns such as cash flow problems, which plague more than 1 in 3 SMEs in Singapore.

The new payments solution is a straight-through one as it eliminates an SME’s administrative burden of having to manually enter payment details on multiple platforms, which could potentially lead to costly human errors during the process. With this API-driven banking service, payments can be initiated on Xero and approved through the bank’s corporate internet banking platform, DBS IDEAL, all in a few clicks.

DBS group head of SME banking Joyce Tee said, “SMEs have so much on their plate, they grapple daily with challenges such as rising manpower costs, hiring difficulties and fast-changing market dynamics. And so, it is more important than ever that they manage their cash flow effectively. A payments solution like the one we are launching today means that SMEs can now have a real-time view of their cash position which in turn allows them to up their productivity and tap into the latest business opportunities.”

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