Multi-Currency Account Solution to Automate Transaction Processing
DBS sets up a multi-currency account solution to automate Skyee’s transaction processing
Skyee is a cross-border service provider for merchants in China, Hong Kong and India. It provides comprehensive payment solutions to merchants for various scenarios in their global business journey, which includes collecting sales payments from overseas marketplace platforms, making cross-border payments to vendors, paying taxes to foreign tax authorities and more.
DBS has always been, and will continue to be a valuable partner of Skyee’s global adventure. - Danton Lin, CEO, Skyee
Need For Cross-Border Growth
Given Skyee’s significant volume of inbound and outbound transactions that were processed manually, it needed to automate transaction processing and reconciliation so that it could handle transactions faster and reduce errors. Since Skyee sends and receives remittances in multiple currencies, it also needed to consolidate the bank accounts in multiple locations that it had created to process and manage foreign currencies. Skyee also wanted to improve the customer experience by identifying sales proceeds from each customer much more quickly.
Raising the Bar in Ecommerce Payments
To help Skyee achieve its goals, DBS set up a multi-currency account solution that uses a single account number, linked to multiple currency wallets, to manage transactions in different currencies. Each currency wallet is automatically created by the first incoming transaction, and additional currency wallets do not need any further account opening documentation.
DBS RAPID (Real-time APIs with DBS) was used to provide real-time connectivity between DBS and Skyee for transaction automation and reconciliation. Skyee staff can use DBS RAPID for processes such as balance enquiries, inward credit confirmation and initiating transactions. All the currency wallets are automatically linked to DBS IDEAL, the bank’s corporate internet banking platform, so Skyee can easily see its balances and manage foreign currencies real time.
Speed and Accuracy
The multi-currency solution from DBS has enabled Skyee to decrease the number of accounts it needs, reduce currency conversion costs by offsetting flows in the same currency, and increase flexibility by managing foreign currencies itself. When funds come in, Skyee receives instant confirmation for every transaction. Skyee has been able to deliver a far better customer experience, since it can identify each customer’s sales much faster and update them on the status of incoming sales proceeds more quickly.
Skyee also increased its operational efficiency by using DBS RAPID to digitise and speed up operations through end-to-end real-time transaction processing, without any manual intervention. Transactions can be sent to DBS directly from Skyee’s system after internal approval, which improves the transaction processing time and reduces manual errors.
At a strategic level, having balance details available more quickly has allowed Skyee to manage its funding better and make faster business decisions based on more timely information.
If you are interested to know more about how DBS RAPID solutions can help your business, kindly contact your Relationship Manager or email DBS BusinessCare at [email protected].