DBS partners with Xero to launch online payment solution for SMEs

It aims to help SMEs simplify bill payments.

DBS, in partnership with Xero, has announced the launch of a new online payment solution for small-medium sized enterprises (SMEs).

According to DBS, the new payment solution eliminates an SME’s administrative burden of having to manually enter payment details on multiple platforms.Payments can be initiated on Xero, and approved through DBS IDEAL, which is the bank’s corporate internet banking platform. SMEs will also be able to boost productivity by tracking real-time payments, DBS said.

The payment solution mainly aims to address SME problems on finance-related matters, particularly in cash flow, which is cited by DP Information Group's SME Development Survey 2017 as a growing concern in 1 in 3 Singaporean SMEs.

The payment solution will be free for existing DBS-Xero customers in Singapore.

The bank also plans to initiate this solution in Hong Kong by the end of 2018.