Singapore-based DBS Bank and cloud-based accounting platform Xero have launched an online payment solution DBS-Xero in order to simplify bill payments for SMEs.

The new solution is designed to assist the start-ups and SMEs to manage their cashflow requirements and address their payment problems due to finance-related concerns.

The new payments solution eliminates the need to enter payment details on multiple platforms that can lead to potential human errors during the process.

With the new Application Programming Interface (API) banking service, the SMEs can initiate payments on Xero and get it approved through the bank’s corporate internet banking platform ‘DBS IDEAL’.

The existing customers in Singapore can receive the new payments solution for free. DBS is also planning to introduce the solution to SMEs in Hong Kong by the end of 2018.

DBS Group SME banking head Joyce Tee said: “SMEs have so much on their plate, they grapple daily with challenges such as rising manpower costs, hiring difficulties and fast-changing market dynamics. And so, it is more important than ever that they manage their cashflow effectively.

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“A payments solution like the one we are launching today means that SMEs can now have a real-time view of their cash position which in turn allows them to up their productivity and tap into the latest business opportunities.”

About 99% of the companies incorporated in Singapore are SMEs employing about 80% of the total workforce.