DBS, which was recently crowned World’s Best Digital Bank in 2018 by Euromoney, today introduced its award-winning API solution, DBS IDEAL RAPID, to Hong Kong, for corporate clients to access instant banking services on their digital platforms. This new solution seamlessly integrates banking services to enable corporate clients to partner with DBS Bank (Hong Kong) for improved business productivity and to co-create innovative digital solutions for their end customers.
DBS Bank (Hong Kong) is working with leading corporations in Hong Kong, across multiple industries, including insurance, securities, accounting system providers, e-commerce, retail, and utility providers, to improve their customer experience. For example, with DBS IDEAL RAPID, corporate clients can now plug into the bank’s APIs to instantly pay their retail customers. 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, which can be costly and time-consuming.
According to Paul McNamee, Regional President for Chubb in Asia Pacific, “Sharing similar digital ambitions with DBS, we embarked on a digital journey with them in Singapore to transform our claims settlement processes from cheques to real-time payments. The initial feedback is positive, and we expect increased adoption with the launch of PayNow, which facilitates direct payments to a mobile number or national ID of the customer. We will look to launch this service for our Hong Kong clients too with the availability of RAPID and real-time payments.”
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.
Abdul Raof Latiff, Group Head of Digital & Product, Global Transaction Services, DBS Bank, said, “With API capabilities and a consultative solutioning approach, we have co-created digital journeys with clients across the region and also replicated the success of the use-cases across countries. We are confident that these use-cases will be very relevant to clients in Hong Kong too.”
“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,” Latiff added.
Soh Fern Boey, Head of Global Transaction Services, DBS Bank (Hong Kong), said, “DBS has been supporting Hong Kong’s push to be a smarter city. Our launch of APIs and instant payments will enable our corporate clients to be one step closer to this aim. Such new customer experiences will be a game changer. DBS IDEAL RAPID will enable clients to benefit from increased productivity and cost efficiency, and an elevated customer experience, and help ensure they are well on their way as Hong Kong embarks on a new era of smart banking”.
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 26,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.