DBS said on Tuesday it has cut transaction costs for small and medium-sized enterprises (SMEs), as more of the SME transactions go online.
It told the Business Times on Tuesday that corporate payments using the real-time and round-the-clock payment rail in Singapore known as FAST (Fast And Secure Transfers) have been priced at 50 cents per transaction at DBS. This is significantly lower than the typical charges ranging from S$1 to S$8 per transaction levied by competing banks, checks by BT showed.
DBS said that in 2017, nine in ten new SME accounts were opened online. This has led to a 2.5 times increase in customers using DBS’s online platform to make payments to vendors and suppliers.
DBS has also extended its partnership with accounting software firm Xero to simplify bill payments by SMEs. This is aimed at easing cashflow problems, and eliminating human error due to manual entries of payment details.