Digital banking systems can streamline and automate financial processes, providing real-time visibility into cash flow and enabling better decision-making. 

By leveraging digital tools and platforms, businesses can efficiently manage payments, receivables, and liquidity, reducing manual errors and improving overall financial efficiency. Digital corporate banking solutions often offer advanced analytics and reporting capabilities, allowing businesses to gain valuable insights into their financial performance and identify opportunities for optimal growth. 

How do digitized corporate banking solutions help your business? 

If you can pay attention to your cash flow, you have more power as a business person. One can become preoccupied with day-to-day issues, which can significantly affect cash-flow. 

Any business that handles money understands how crucial it is to manage cash flow and the value of the transactions it entails. In the past, payrolls and invoices were traditionally prepared by hand and paid for with cash or checks. However, documenting the traditional payment methods like check and cash payment was complicated, risky, and took a long time to audit. 

For this reason, the financial services sector created solutions to improve technology and payment capabilities. Small and medium-sized businesses (SMEs) can take advantage of corporate banking’s electronic cash and liquidity ratio solutions to gain advantages like:

1. Payouts with high operational excellence

By implementing digital techniques, SMEs today ease the administrative load of their companies. Payment digitization is a component of it. Digital payments are performed instantly through a payment gateway over paper-based traditional fund transfers.

Businesses do not need bank details to send and receive household payments instantly. For example, the DBS PayNow Corporate payment system enables you to pay through your smartphone or Unique Entity Number (UEN) and get a prompt notification. MAS Electronic Payment System (MEPS), FAST, and GIRO are some other payment options. These gateways assist you in making payments both individually and in bulk in the most economical way possible.

SWIFT, Telegraphic transfers, and DBS Priority Pay are other good options for sending money internationally. These options allow for secure and efficient international transfers, ensuring your funds reach the intended recipient quickly and reliably. Such services offer affordable exchange and transaction charges, making international money transactions economical and feasible.  

2. Better compliance

The safe and secure payment gateways offer advanced and secured payment options to businesses. A multi-layered and encrypted data protection framework protects transactions involving digital money. 

 For example, digital token payment systems do not require SMS OTPs to verify your money transactions. The digital card’s verification and approval process have a cap on the number of activities to make payments.

3. Improved visibility and money flow

Customers can choose the payment method they prefer, which results in SMEs receiving payments directly from their bank accounts. As a result, the SMEs won’t have past-due payments or incur collection costs. Moreover, by monitoring actual revenue performance, digital payments enable insights into improved cash management. 

4. Lower administrative costs

Online transaction tracking is available for digital payments. They are typically protected on a flash drive or in the cloud. The receipt and payment notices are received via email or SMS. All of these assist your company in reducing administrative costs, associated with documents, wrappers, printing, shipping costs, and labour.

5. Enhanced client experience

Consumers can make digital payments anywhere and anytime via online platforms or mobile devices. Furthermore, they can select various payment methods that are more practical and simpler to use. By including digital payment options, you can turn your webpage into an e-commerce platform and improve the user experience.

Small and medium-sized businesses have their financial needs met unique banking services provided by banking firms. Corporate banking services aid businesses in offering a distinctive user experience by improving operational effectiveness, and sending or receiving payments more quickly.