API Journey

FUND TRANSFER FOR CASH WITHDRAWAL

ENABLE SECURE THIRD-PARTY TRANSFERS WITH PEACE OF MIND

Overview

Customers want to be able to access their cash but sometimes, there isn’t an ATM/Branch in sight. With our cash withdrawal via transfer API, we help turn any retail store into a substitute ATM machine. Turn your storefront into a cash distribution point that enables customers to easily access their bank accounts. For businesses that also means you can distribute your access cash to customers, reducing your need to make physical deposits at the bank. Through the fund transfer API, we provide account verification features to ensure there’s no security risk to your business acting as an ATM bridge between customers and their own bank accounts.

Things to note

  • Cash withdraw via Fund transfer limited to the Existing to Bank (ETB) customers holding the CASA account.
  • Customers can be provided with nearby store locations so that he/she select the convenient store to collect the quoted cash amount.
  • DBS will message the customer about the transaction status(success/failure) as per BAU.
  • Partner hold the cash settlement to customer activity and do the settlement by EOD.
  • All the exceptions such as cash shortage during collection, dispute resolution for counterfeit notes and order expiry will be handled by the Partner but not by DBS.
  • Any refunds to the customer will be initiated by the partner via online transfer mechanism by invoking a fundTransferReversal API.
  • As an interim solution, all the fund transfer reversals for the failed transactions can be shared by partner to DBS CASA operations team as a secured offline end of day statement. DBS Cash ops will further review the statement based on the transaction details, further debit the partner custodian accounts and subsequently credit the equivalent funds back into the customer accounts.

The Customer Experience

API Journeys in Action

SOCASH

A better way to managing cash

SoCash improves cash distribution and liquidity management by creating the largest cash network in the world powered by mobile devices. The goal is to convert every shop and customer into a virtual cash distribution network and is starting in Asia. DBS has partnered with SoCash to extend the latter’s cash network and help customers access their cash anytime anywhere. This has also helped DBS merchants make virtual deposit of their own cash by through bank transfers with customers who requests withdrawals at their stores.

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