The partnership is centred on several aspects including aligning both parties’ technology platforms to ultimately enable SMEs to make payments and apply for loans seamlessly, transforming how SMEs manage cash flow and access capital.
The first step in the partnership is connecting SMEs’ bank accounts with Xero’s online accounting software. This 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 will enable business owners to make smarter investment and management decisions. This seamless connection is the first-of-its-kind in Asia and will be available in 2017.
Another aspect of the collaboration will see DBS and Xero working together, capitalising on APIs, to make business-to-business payments easier. Ultimately, the aim is to enable a DBS-Xero customer to access capital more efficiently. With the partnership, SMEs can grant banks access to their real-time financial data, which will provide a richer financial picture of their business. The integration aims to remove much of the administrative 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
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