Businesses Going Digital with API Technology
DBS is committed to helping businesses transition to API based real time solutions and be at the forefront of the global transition to a digital economy.
Working with firms across the globe, we see businesses determined to differentiate themselves. They want to enter new markets, establish competitive leadership, manage risks and meet their clients’ expectations, however demanding. Many are using this period of enforced adjustment as a once-in-a-lifetime opportunity to transform their organisations.
If they succeed, these businesses will be the winners in the decade to come, whilst others will be left behind, wondering what happened.
At DBS we have transformed our own business so that we can help our clients become leaders in their field. We now lead the world in providing banking API-based solutions. More than 200 of our clients have benefited from our suite of API solutions, the largest API library of any bank in the world.
RAPID, (Real-time APIs with DBS) connects our banking services directly into a client’s operations, automating those services in real time. Our clients are using RAPID APIs to reduce manual processing, optimise cashflows and transform client experiences.
In the insurance industry, some firms have eliminated cheque payments for insurance claims – a major frustration for their customers. In e-Commerce, one retail platform employs our APIs to make automated payments to merchants – even during weekends and holidays – ensuring a strong cashflow for the small businesses that use its platform.
Combining APIs with other technologies extends the range of our solutions:
RAPID APIs combined with blockchain technology are used to manage supply chains – eliminating paper documentation and enabling visibility from producer to consumer. By automating payments and reducing paper, we help trades flow more efficiently without the risks and costs of processing physical documents. As a result, firms are able to optimise their working capital, whilst improved transparency across the supply chain helps smaller businesses access finance more easily.
In another example, we combined an automated payment API with a digital wallet. This enabled a ride-hailing firm to pay its drivers automatically for each job, rather than waiting for a weekly settlement. This unique benefit allowed the business to recruit 20,000 drivers in a new market in just a few weeks. It is now a major provider there.
Because RAPID APIs can be implemented in just a few weeks and can be easily replicated, the firm is now looking to reproduce its success in other markets.
If your business needs to eliminate manual processing or physical paper from its operations, or create more efficiencies to meet clients’ escalating expectations, now may be a unique time to explore what RAPID APIs can offer.