Singapore-based bank DBS has partnered with technology provider Xero to build an online payment solution for small and medium-sized enterprises, the companies announced today.
The DBS-Xero solution will allow SMEs on the platform to simplify their bill payments, focusing on eliminating problems such as cash-flow—an area of struggle for one out of every three SMEs based in Singapore, the companies said in today’s release.
The majority of companies incorporated in Singapore fall under the SME heading, said DBS and Xero. These SME firms employ 80% of the region’s workforce.
The solution, powered by APIs, allows an SME to send a payment via Xero before it is approved on DBS’ corporate online banking platform, called DBS IDEAL.
Read more at Finextra and the Singapore Business Review.
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