In every part of the world, there is one thing common among all people: no matter whether you are rich, poor, or middle-class, you indeed will have a bank account, and the same thing is true for Singapore. There is a bank that is very much common to all, known as DBS bank.
DBS bank recently introduced a new system called MAX, a seamless transaction technology used by the bank to enable real-time collection, real-time notification, and reconciliation from all your outlets in one day.
DBS MAX is created by keeping business needs in mind. It caters to all business model needs, whether it be multiple outlets type, multiple users type, single outlets type, or collection upon delivery type.
You can use the MAX system even if your bank is not DBS. All you have determined is whether your bank uses FPS or not; it is accessible by all. You can pay or receive money in MAX via FPS Id, bank account number, or QR codes.
DBS MAX is affordable, as it reduces processing fees and handling costs of cheques and cash. You can get your credit update immediately, and you can also view transactions of multiple outlets at the same time.
DBS MAX users need to have an IDEAL authorization. Without that, it is not possible to access MAX systems.
How money collections in DBS happen:
- Via DBS MAX: DBS MAX allows consumers all around the country to pay or access digital money easily via the MAX systems. It is affordable, flexible, and accessible to all, even to non-DBS consumers.
- Virtual Account: With this feature, you can assign paying customers a virtual account to reconcile each customer’s credit flow easily. All virtual accounts of each customer are connected to their registered account.
- Collect All: DBS Collect all service enables you to make transactions without any delay or error. It is a time-saving and highly secured service.
- DBS Enriched Consolidated Receivables: It is an account in the DBS system which controls all your payments in one file. Your payment advice is sorted for you, and you can access these files via IDEAL connect.
- Tracking collections with SWIFT GPI: This DBS system tracks all user transactions inside or outside the country. It has SWIFT global payment innovations (GPI), which updates the corporates about the cash flow, and can also track their funds in the payment chain.
DBS Systems have multiple money collection systems, with DBS MAX being the most popular.