Banking group DBS announced on Monday it has launched a new solution to transform cash and paper-based B2B payments and collections landscape for businesses in Singapore. The bank reported its QR-code based solution is powered by DBS RAPID and DBS MAX and addresses Singapore’s aim of enhancing productivity by eliminating cheques by 2025 and going cashless.
“The B2B payments and collections solution was developed after close to 20 digital workshops with F&B operators to map their payments journey and pain points. The workshops which were run by DBS also uncovered that on average, close to nine in 10 B2B payments in the F&B industry are still cash-based or done through bank transfers. The new solution which facilitates cashless and faster F&B payments is an end-to-end QR collection enabled platform that enables instant payments with automated accounts reconciliation functionalities in the backend.”
While sharing more details about the solution, Joyce Tee, Group Head of SME Banking, DBS Bank, stated:
“Many SMEs we speak to want to realise productivity gains by becoming more digital but they don’t have the expertise or infrastructure to do so. By understanding their pain points and then laying the foundation for enhanced payments capabilities one sector at a time, DBS aims to lead the way in digitalising and streamlining the payments landscape in Singapore. Our aim is to enable our SMEs’ time-strapped workforce to be able to spend more time serving their customers and exploring new business opportunities.”
SG5, the main distributor for Asia Pacific Breweries Singapore, is one of the first F&B operators to pilot the solution. SG5 CEO, Alvin Chua, added:
“On average, our frontline staff spend around 3.5 hours every day traveling to different parts of the island to collect cash and cheque payments. With the new payments solution and precious man-hours saved, I hope to be able to upskill my staff so that we can work together to bring the business to new heights. It will also be a boon to our cashflow as we will be able to receive payments instantly upon delivery of goods.”