Real-time integration with a banking system to support cross-border transactions
How much time did you spend on your previous cross-border transactions? Financial technologies are changing everyday, bringing smarter and faster ways to transact overseas. OTT Pay HK, a cross-border payment service company based in Hong Kong provides all-rounded payment solutions, including one-click overseas transfer, global funds collection, and real-time foreign exchange services.
In their early stage, the OTT Pay HK team had to spend a huge amount of time and manpower to manage billings and payments manually. To improve their business performance, a fully automated financial system is what they need to fight against the clock in a fast-paced market.
“Our team decided to create an Application Programming Interface (API) to enhance the instant transfer experience. DBS Relationship Manager and technicians handled the platform installation and integration efficiently and have solved our operating challenges. We can then remain our focus on business development.”said Kevin, the General Manager at OTT Pay HK.
Vyanne Ng , Vice President of DBS Institutional Banking Group , said, “DBS RAPID is a digital solution which establishes a real-time connection between DBS and OTT Pay HK for automated transactions and billings. In addition, it enables checking of bank details from time to time without logging into DBS IDEAL online banking platform. With DBS RAPID, the team at OTT Pay HK can monitor cashflow in real-time to facilitate their business management.”
All-in-one multi-currency account management platform
Due to their business nature, OTT Pay HK owns numerous multi-currency bank accounts. DBS offers several solutions to consolidate these accounts, allowing OTT Pay HK to manage multiple currencies under one roof. With all the currency wallets all integrated into their DBS IDEAL online bank account, the OTT Pay HK team can receive real-time updates on their respective account balances and manage several currencies conveniently.
Digital Banking Solutions to Enhance Customer Service
To enhance customer service, OTT Pay HK saw the need to speed up the verification lead-time on customers’ sales revenue. To tackle the challenge, DBS introduced a Virtual Account (VA) so that OTT Pay HK can assign a unique VA code to each merchant which enables an easier identification process of all remittance and transfers.
To stay competitive, it is essential for OTT Pay HK to keep up with the ever-changing FinTech developments. Choosing the right banking partner like DBS who offers innovative solutions, can help OTT Pay HK drive more operational efficiency, and leave them with more time to focus on business expansion and growth.