DBS Bank to solve Singapores corporate check problem

DBS Bank wants a 30% reduction in corporate check use by 2020.

DBS Bank offers business clients its PayNow solution, which deploys an API to enable businesses to pay their corporate customers. PayNow can support payments between seven banks in the nation.

In 2016, DBS Bank launched an initiative to reduce corporate professionals’ reliance on physical tokens to facilitate payments for their organizations. The company launched an update to its IDEAL Mobile payment solution, offering corporates and SMBs the ability to use their mobile device as a token to initiate payments.

Singapore is one of the world’s busiest hubs for financial services innovation. Officials had previously introduced legislative reforms in an effort to support FinTech innovation and embrace digital payments, with the Monetary Authority of Singapore moving to streamline existing rules for a clearer regulatory framework that makes it easier for businesses to offer payment-related services.