DBS Bank (Hong Kong) Limited (“DBS Hong Kong”) and The Payment Cards Group Limited (“Yedpay”) todayannounced thelaunch of “DBS MAX Merchant Solutions”, aone-stop solution for managing sales operations, featuring a suite of toolsthat streamline payment collections and enhance operational efficiency for merchantsin Hong Kong. The payment collection settlements proceed as quickly as 1 dayafter the transactions2.
Recent research by DBS Hong Kong1 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 12months. 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 on boarding, where business accounts can be opened in as fast as 1 working day, and collection settlements processed as quickly as 1 day after the transaction.The solution is compatible with a wide range of 21 payment options, and provide a flexible integration with various sales channels. By consolidating sales operation data andbank account information into a single platform, “DBS MAXMerchant Solutions” allow merchants enhancing efficiency, gaining data-driven insights, and advancing their digital transformation, while providing banking-level security safeguards.
Boris Chan, Managing Director and Head of Global TransactionServices, 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’ enable them to manage collections seamlessly, while expanding their range of digital payment options and providing a comprehensive support to the merchants.”
Beatrice Tai, Chief Operation Officer, Yedpay stated:“Over the past few years, Yedpay has evolved from a payment service providerinto an acquirer. We have developed a comprehensive understanding of thechallenges, complexities, time constraints, and costs that merchants face inpayment and settlement processes. We see tremendous opportunity to collaboratewith DBS Hong Kong, combining our new cloud-based processing technology withDBS’ banking expertise to jointly develop solutions that streamline processesfor merchants. By working hand-in-hand, we can deliver seamless settlementsolutions 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.
