DBS Bank has partnered SAP Financial Services Network (SAP FSN) to make it easier for businesses to connect their treasury systems to the bank. This makes DBS Bank the first Southeast Asian bank to offer such a service, according to the two firms' joint press statement.
A recent survey commissioned by SAP found that CFOs and corporate treasurers were seeking better risk management and enhanced funding options that are integrated to enable them to better respond to the complex global environment. This highlights the need for connectivity solutions that enable them to make payments and carry out other financial services more effectively while "providing visibility of their cashflow," said Lum Yin Fong, global head of product management, Global Transaction Services, DBS Bank.
Aiming to address this need, SAP FSN provides a standardised integration capability between banks and their corporate customers. This allows customers to automate financial transaction flows, reduce payment rejection rates, ease reconciliation, and provide enhanced cash visibility to corporate treasury.
The standardised interface also simplifies the client onboarding process and shortens the implementation cycle. It thus helps companies - be it small and medium enterprises or multinational corporations -- save time and money. Besides that, the interface allows firms that are multibank to work with their banks in a more seamless manner, according to the press statement.
"SAP FSN connects businesses with banks in a seamless fashion so that businesses don't need to concern themselves with the specific requirements of the individual banks they are connecting to," said Colin Sampson, SAP CFO for SAP Asia Pacific Japan. " This leads to simpler, faster implementation and a far greater degree of operational control, which is a win-win for DBS and its customers."
Sign up for CIO Asia eNewsletters.