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DBS, SAP partner on treasury and payment systems
DBS Bank has partnered with SAP to make it easier for businesses to connect their treasury and payment systems with the bank. It is the first Southeast Asian bank to tap the SAP Financial Services Network
The Asset 23 Oct 2014
DBS Bank has partnered with SAP to make it easier for businesses to connect their treasury and payment systems with the bank. It is the first Southeast Asian bank to tap the SAP Financial Services Network (FSN) to deliver this connectivity to businesses, making banking simpler for its clients.
 
In a recent survey commissioned by SAP, CFOs and corporate treasurers indicated that responding to the challenges of the daily activities of treasury and financial operations is of significant importance. They wanted not only better risk management and enhanced funding options in response to the complex global environment, but also better and more integrated solutions to achieve their goals. This meant seamless connectivity solutions with their banks to enable them to more effectively execute payments and other financial services.
 
 
SAP FSN said it meets this need as it does away with the current industry practice today where corporates typically link their systems to their bank through a proprietary host to host connection. Instead, it provides a standardized integration capability between bank and customer. This benefits customers by automating financial transaction flows, reducing payment rejection rates, easing reconciliation and providing enhanced cash visibility to corporate treasury.
 
 
 
Significantly, the standardized interface simplifies the client onboarding process from the industry average of three to six months to as little as a few weeks. The short implementation cycle saves corporates time and money, whether they are SMEs or multinationals. For large corporates who are typically multi-banked, it also enables them to work with their panel of banks in a more seamless manner.
 
 
 
Lum Yin Fong, global head of product management, global transaction services, DBS, said: “In this competitive business landscape, CFOs and corporate treasurers want a seamless, integrated connection with their banks that automates financial transactions and provides them with visibility of their cashflow. With FSN, we are able to provide straight through processing, operating efficiencies, as well as a more streamlined onboarding process for our corporate clients.”
 
 
 
“SAP FSN connects businesses with banks in a seamless fashion so that businesses do not need to concern themselves with the specific requirements of the individual banks they are connecting to. This leads to simpler, faster implementation and a far greater degree of operational control,” added Colin Sampson, SAP chief financial officer for Asia-Pacific Japan.
 
 
 

    

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