OCBC real-time account opening will become available to SMEs this November.
In June 2018, the bank became the first Singapore bank to use MyInfo to enable digital instant account opening. It launched for the OCBC 360 Account.
Now extending the OCBC real-time account opening service to SMEs, the bank is providing instant account numbers and payment approval.
Since the launch of OCBC 360 Account there has been a three-fold increase in the number of OCBC 360 accounts opened digitally. The bank stated that this is on a month-on-month basis.
Frictionless account opening
With the SME owner’s consent, OCBC will be able to access details from the MyInfo profile. Moreover, this hastens the process as there is no longer the need for additional personal details to be keyed in.
The application will also be assessed by OCBC Bank’s digital KYC process.
Furthermore, SME owners will find out the status of the application. If it is approved, an account number will be shared onscreen and via text message instantly. In addition, this improves on the current industry standard of a one-day turnaround for digital account opening. With their account numbers, SMEs can start collecting payments.
Verification and authentication happens within seconds and customers are automatically assigned an account number to immediately initiate funds transfers. Moreover the OCBC real-time account opening service is done via the bank’s website, making it quick and seamless.
Head of emerging business, global commercial banking at OCBC Bank, Christie Chu, stated:
“Using MyInfo, SMEs just need a few minutes to complete an online application. After they will instantly know the results of the application and obtain their new business account number. Businesses sometimes ink deals and then scramble to open an account to receive the payment so this is a convenient and practical solution. And with 70% of the businesses incorporated in Singapore having a one or two-man structure, our service will benefit a majority of new SMEs.
“‘Instant’ is the way forward for the industry. Since August, businesses have been able to collect funds instantly with PayNow and soon, SMEs will be able to open a business account instantly. More such projects are in the pipeline as we continue to listen to our customer’s needs and then innovate in order to help them grow their businesses.”