Following the creation of a new digital platform “DBS digibank” for CBG customers last year, DBS Taiwan has recently launched an industry-first real-time online tracking of cross-border collections, to provide greater digital convenience to its corporate clients. With the DBS SWIFT gpi solution, all corporates need to do is to log into the bank’s online corporate banking portal, DBS IDEAL, to setup and receive instant updates when the incoming funds are first initiated in the cross-border payment chain and to obtain confirmation of payment instruction processed by remitter’s bank. In addition, corporates now can use “DBS DigiDocs” on IDEAL to declare the incoming payment purpose online, which significantly shortens the time for funds to be received by DBS clients, by digitalizing the end-to-end cross-border transaction process.

DBS Taiwan general manager Lim Him Chuan (林鑫川), said that recently the business model of enterprises has changed drastically due to the virus outbreak. Increasing demand for working from home or split office has highlighted the convenience and importance of digital financial services. DBS Bank (Taiwan) has been dedicated to providing safe and convenient digital solutions to meet clients’ banking needs. We will continue to strengthen digital solutions to help clients complete the required transactions and bounce back faster and better from the pandemic. Since mid-May, the digital transaction number of corporate clients using its online banking service has grown nearly 10 percent. We will also continue to strengthen the DBS corporate online banking services to help corporate customers to improve their operational efficiency during the pandemic, and reinforce our “This is DBS digibanking" commitment.

Michael Cheung, Head of North Asia, SWIFT, said, “In the increasingly digitised world of payments, delivering on the customer experience has become the norm rather than the exception. With its new gpi (Global Payment Innovation)-enabled cross-border payments tracking service, DBS Bank is raising the bar in Taiwan not only by offering payment transparency, traceability and certainty to its corporate customers, but also by integrating these offerings into its corporates bank portal, DBS IDEAL. Creating value in the payments space is a long-term commitment for SWIFT, and we look forward to continued efforts with DBS Bank remove friction and bring transparency to cross-border payments.

Sylvia Tao, Head of Global Transaction Services, DBS Taiwan, said that with real-time visibility to incoming cash flows, corporates are able to optimize their working capital management and utilise their cash more effectively. This addresses clients’ pain points of lack of information and complexity of process to track incoming cross-border payments. With this industry-first SWIFT gpi enabled DBS IDEAL, it would definitely help corporates in Taiwan improve the inventory management, enhance the supply chain efficiencies and even encourages economic growth.

The new generation of DBS IDEAL corporate online banking service includes four major features:

1. Diversified device platforms:

DBS IDEAL corporate online banking adopts a responsive web design that automatically adjusts the online banking interface according to the size of the device, whether the customer is on a computer, tablet or mobile phones. Customers can enjoy a consistent and smooth online banking service experience across different device platforms.

2. Highly customised interface:

Information on the front page can be customised according to different needs and usage habits, and customers can set up necessary information, such as viewing account balance, recent transaction records, transaction authorisation status and more, to be seen after logging in, which allows them to quickly grasp capital trends and improve operational efficiency.

3. More enhanced digital functions:

Once the remittance is processed by buyers’ bank, DBS customers can track the payment on DBS IDEAL corporate online banking and obtain real-time and transparent cash flow information. With DBS DigiDocs, customers can get immediate notification when there is an incoming remittance pending online declaration of the nature of the remittance. In addition, customers can upload copies of transaction supporting documents, eliminating the need for fax and paper copies, enabling digital processing of foreign currency transactions.

4. Autonomy of authority management:

Enterprise managers can maintain and adjust the user settings and fund authorisation rules of the company's online banking by themselves, saving most of the settings which need bank processing, which can save about two working days, providing customers with higher convenience and instant online banking services.

DBS Taiwan launches new generation of DBS IDEAL for businesses to bring industry-first in Taiwan to track cross-border collections in real time