Competition among instant banking is getting fiercer than ever while DBS takes one step further to introduce an award-winning solution DBS IDEAL RAPID to Hong Kong for corporate clients.
The introduction allows corporate clients to plug into the bank’s APIs to instantly pay their retail customers. Meanwhile, securities firms can also instantly move money between bank and securities accounts. Similarly, insurance companies can offer instant claims to their customers, and pay directly into their bank accounts instead of having to issue cheques - a costly yet time-consuming procedure.
DBS’ API capabilities also include bank account enquiries, such as bank balance, transaction status, and updates on incoming funds, which can be integrated directly into the accounting systems used by businesses for an enhanced customer experience.
“The launch of the API capabilities is in line with DBS’ focus on reimagining banking and enabling customers to ‘Live more, Bank less’. With this approach, it will now be easier for clients to do business by transforming their sales, payment and collections processes, while, at the same time, give their consumers a much more enjoyable and streamlined digital experience,” comments Raof Latiff, group head of digital & product, global transaction services, DBS Bank.