Singapore-based banking firm DBS has launched an industry-first, QR code-based solution for B2B payments and collections.
The solution allows instant payments through the bank’s PayNow fund transfer service in SIngapore. It is powered by DBS RAPID API solution and DBS MAX mobile-based QR payment collection solution.
The new solution is being piloted by food and beverage players to make cashless and faster payments to their suppliers and vendors.
Using DBS’ new solution, customers can consolidate various invoices into each QR code-based transaction, and have the flexibility to make full or partial payments for one or multiple invoices.
In return, suppliers can improve credit terms for each invoice instantly, and also send a QR code requesting payment from customers who are unable to receive goods in person.
SG5, the main distributor for Asia Pacific Breweries Singapore, trialed the new solution and expects saving as many as 3,300 man-hours per month.
DBS Bank group head of SME banking Joyce Tee said: “Many SMEs we speak to want to realise productivity gains by becoming more digital but they don’t have the expertise or infrastructure to do so.
“By understanding their pain points and then laying the foundation for enhanced payments capabilities one sector at a time, DBS aims to lead the way in digitalising and streamlining the payments landscape in Singapore.”
DBS plans to roll out the solution to wider F&B ecosystem, logistics and trading sectors later this year.