First Southeast Asian bank to embrace next- generation connectivity between banks and corporates
SINGAPORE — DBS Bank and SAP announced today that DBS has partnered with SAP to make it easier for businesses to connect their treasury and payment systems with the bank, saving these customers time and money. DBS is the first Southeast Asian bank to leverage the SAP Financial Services Network (FSN) to deliver this cutting-edge connectivity to businesses, making banking simpler for its clients. This initiative is part of DBS’ ongoing efforts to deliver world-class transaction banking capabilities through technology and to shape the future of banking.
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 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, SAP FSN provides a standardised 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.
Said Lum Yin Fong, Global Head of Product Management, Global Transaction Services, DBS, “At DBS, we constantly look at how we can leverage technology to simplify banking for our customers. Trailblazing the use of SAP FSN underlines this effort. 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.”
“In many areas, banking in Asia has advanced at a rapid pace over the past decade. In others, the industry still operates much as it did in the past. Until recently, moving funds between corporate customers was a lagging area, but that is quickly changing. As forward-looking banks like DBS embrace the SAP Financial Services Network, they are able to save their customers time and money while delivering enhanced banking capabilities,” said Scott Russell, Chief Operating Officer for the Asia Pacific region at SAP.
“SAP FSN connects businesses with banks in a seamless fashion so that businesses don’t 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. This is a win-win for DBS and its customers,” added Colin Sampson, SAP Chief Financial Officer for SAP Asia Pacific Japan.
DBS’ transaction banking business has been one of the bank’s strategic priorities since 2010. The GTS business generates nearly SGD 1.5 billion in revenue annually, and has delivered a 29% CAGR over the last four years. With its comprehensive suite of products and services, the business has garnered close to 150 accolades. These include ‘Best Asian International Transaction Bank, Asia-Pacific’ by The Asian Banker, ‘Best Global Cash Management Bank, Asia-Pacific’ by Asiamoney and ‘Best Cash Management Bank, Singapore’ by Asiamoney, The Asset, The Asian Banker and Asian Banking & Finance.
About DBS
DBS is a leading financial services group in Asia, with over 250 branches across 17 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s capital position, as well as “AA-” and “Aa1” credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for six consecutive years from 2009 to 2014. For more information, please visit www.dbs.com.
About SAP
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 263,000 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
For press information only:
Jennifer Alejandro, SAP +65 6664 4555 jennifer.alejandro@sap.com
Edna Koh, DBS Bank +65 6878 8134 ednakoh@dbs.com
