• Published on 16 September 2024
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DBS Hong Kong and Yedpay launch DBS MAX Merchant Solutions

DBS Bank Hong Kong and The Payment Cards Group Limited (Yedpay) launched “DBS MAX Merchant Solutions,” a one-stop tool for streamlining payment collections and improving sales operations for Hong Kong merchants.

The payment collection settlements proceed as quickly as one day after the transactions.

Recent research by DBS Hong Kong highlighted that nearly 70% of merchant respondents are currently utilising digital payment methods, with 86% planning to adopt new digital payment methods in their operation within the next 12 months. However, inaccurate financial records due to reconciliation challenges (35%) and inefficient settlement time from their payment acquirers (31%) were the main challenges for businesses.

The new “DBS MAX Merchant Solutions” address these pain points by offering swift onboarding, where business accounts can be opened in as fast as one working day, and collection settlements processed as quickly as one day after the transaction. The solution is compatible with a wide range of 21 payment options and provides flexible integration with various sales channels. By consolidating sales operation data and bank account information into a single platform, “DBS MAX Merchant Solutions” allows merchants to enhance efficiency, gain data-driven insights, and advance their digital transformation while providing banking-level security safeguards.

Boris Chan, managing director and head of global transaction services, DBS Bank Hong Kong, said: “We are excited to partner with Yedpay to make business operations easier for merchants. This solution addresses two critical merchant pain points - reconciliation challenges and slow settlement time. By combining the strengths of DBS and Yedpay, ‘DBS MAX Merchant Solutions’ enables them to manage collections seamlessly, while expanding their range of digital payment options and providing comprehensive support to the merchants.”

Beatrice Tai, chief operation officer, Yedpay stated: “Over the past few years, Yedpay has evolved from a payment service provider into an acquirer. We have developed a comprehensive understanding of the challenges, complexities, time constraints, and costs that merchants face in payment and settlement processes. We see a tremendous opportunity to collaborate with DBS Hong Kong, combining our new cloud-based processing technology with DBS’ banking expertise to jointly develop solutions that streamline processes for merchants. By working hand-in-hand, we can deliver seamless settlement solutions that reduce friction and costs for merchants.”

As businesses continue to navigate the evolving landscape of digital payments, DBS Hong Kong remains dedicated to providing tailored solutions that enhance operational efficiency and support sustainable growth.

Re-disseminated by The Asian Banker