DBS and Xero collaborate for SMEs’ financial management
DBS Bank and cloud-based accounting platform Xero have announced a partnership targeting at helping SMEs manage their financials and access capital. The partnership is centred on several aspects including aligning both parties’ technology platforms to enable SMEs to make payments and apply for loans seamlessly.
The first step in the partnership will see the connection of DBS’s SME bank accounts with Xero’s online accounting software. This integration will allow SME customers to access in real-time, a consolidated view of their financial accounts, including cash in the bank, from any device, anytime in the day. The integration in data on one portal is expected to enable business owners to make smarter investment and management decisions.
Xero has in the past year inked similar integration partnerships with SME customers of UOB in Singapore and HSBC in Hong Kong.
Another aspect of the collaboration will see DBS and Xero working together, capitalising on APIs, to make business-to-business payments easier. With the partnership, SMEs can grant banks access to their real-time financial data, a move which is expected to provide a richer financial picture of their business. The integration aims to remove a bulk of the addministrative burden for SMEs when they apply for bank loans.
“With this strategic partnership, we are empowering our SME clients to make better business decisions by making cash flow management transparent and simple. In addition, as the bank will have better access to the SMEs’ financial data, the application process for bank loans will be further streamlined and simplified. This ties back to our vision of reimagining banking to make banking joyful,” said Joyce Tee, Group Head of SME Banking, DBS.
“Bank feeds lay the foundation of the financial web, which comprises a network of trusted organisations sharing financial data securely with the purpose of making doing business easier for SMEs. It enables small business owners, working in the cloud, to do their bank reconciliations on their mobile phone while travelling into work, or capture a daily view of their cash flow - thus, ending the monthly stress of catch-up when consolidated bank statements come through,” said Alex Campbell, Managing Director of Xero Asia. “As simple as this sounds, it fundamentally changes how a business can operate – anytime, from any device with insights - to help them make decisions on the fly.”