United Overseas Bank and Q&M Dental Group recognised for implementing a digital payment solution leveraging PayNow Corporate as they win Best Cash Management Project in Singapore at The Asian Banker – Bankers Choice Awards 2019
- Q&M Dental Group was looking to reduce inefficiencies of managing cash payments and multiple bank accounts
- United Overseas Bank implemented a holistic cash management solution leveraging PayNow Corporate
- Q&M Dental Group benefits from a streamlined payments and collections process
Bangkok, May 30th 2019 — United Overseas Bank and Q&M Dental Group received the award for Best Cash Management Project in Singapore at The Asian Banker–Bankers Choice Awards 2019. The awards ceremony was held in conjunction with the prestigious The Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at Shangri-La Hotel, Bangkok, Thailand on May 30th 2019.
In the picture: David Gyori and Richard Hartung; International Resource Directors, Foo Boon Ping, Managing Editor; The Asian Banker with Ms. Patchanee Vongsilpawattana; Executive Director & Head of Transaction Banking; UOB Thailand
Q&M Dental Group was looking to reduce inefficiencies of managing cash payments and multiple bank accounts
Q&M Dental, Singapore’s largest private dental healthcare Group was looking to streamline banking activities. Expanding operations took toll on its efficiency in managing cash and multiple bank accounts. The Group was thus looking to reduce the manual usage of cash, improve internal controls on payments and achieve more visibility and control across its multiple bank accounts
United Overseas Bank (UOB) implemented a holistic cash management solution leveraging PayNow Corporate
A holistic cash management solution to automate both payables and receivables of Q&M Group was implemented by UOB. Automated regular sweeping of excess funds was channelled from subsidiary account to header account to reduce inefficiencies from handling multiple bank accounts. The bank leveraged PayNow Corporate QR code to drive digitalisation of patients’ payments at clinics. Additionally, API notifications were enabled to capture the incoming notifications of PayNow Corporate collections with eAlerts/API. To improve internal control on payments and cash flow visibility, bank’s proprietary business internet banking platform, BIBPlus was linked to the Group’s ERP system.
Q&M Dental Group benefits from a streamlined payments and collections process
The implemented solution helped Q&M Dental to move to cashless payments and collections with Group achieving substantial time savings and improvements in productivity. Elimination of manual tracking of payments and automatic approval of intra-company lending to fund payments improved processes at organisational level. PayNow Corporate QR code provided patients with an alternative mode of faster and convenient payment while reducing the risk of handling and depositing cash for the Group. As ERP system of the Group was linked to bank’s e-banking platform, this further simplified the account payables team’s workflow in handling bulk payments.
The Bankers’ Choice Awards 2019, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific, which recognise corporations that have strong financials and demonstrate the ability to use the financial supply chain to add value to their partners in the upstream and downstream activities of their businesses. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/bankers-choice/index.php.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
To view the Business Achievement Awards 2019 gallery, please visit https://bit.ly/2WcifTO.
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker