Joseph Giarraputo, founder and editorial director of Global Finance, speaks to Melvyn Low, Director General of Group and Manager of the World Bank for Transactions at OCBC, on the importance of democratizing digital solutions for cash management and innovative tools that Singapore -based bank has developed to meet the banking needs 24/7 of its customers.
OCBC, one of the largest financial services in Southeast Asia by assets, has helped transform its cash management and payment systems thanks to the use of Application Interface Integrations (API), tokenization, QR codes and other digital technologies. A combination of many different APLs called MicroserviceSuPplies the critical infrastructure behind the OCBC speed banking system, allowing transparent integration through different financial ecosystems.
Tokenization plays an essential role in the digital processes of the bank. Using the Velocity platform, the bank’s accounts are tokenized and integrated into QR codes, allowing customers to make instant payments via mobile phones. Commercial accounts have also evolved, customers capable of generating tokenized account numbers which add precision to transaction rapprochements.
OCBC is the first market on the market to create virtual accounts which can manage both collections and payments, offering customers additional account management controls.
The bank’s online platform allows companies to facilitate instant regulations with dynamic QR codes with integrated payment details. The QR codes also feed national points of sale systems for a range of retail companies and food and drinking suppliers, generate physical and digital invoices and to implement cross -border payment solutions.
LOW explains how OCBC used these advanced financial tools to help to considerably reduce transaction costs for its customers, improve liquidity management and improve the efficiency of the working capital.
“In the old world, all these technologies were only available for the largest multinationals, because they had the most expensive and complete ERP platforms that could connect,” explains Low. “Today, even a simple blockchain could connect to a large system via APIs in a very effective and profitable way.”
