OCBC Bank’s cash management investments during pandemic recognised through consecutive awards
OCBC Bank (Malaysia) Berhad’s (OCBC Bank) relentless investments into cash management solutions during the pandemic has won it two awards for the second consecutive year.
It won the coveted Best Cash Management Bank in Malaysia (by Alpha Southeast Asia) and Malaysia International Cash Management Bank of the Year (by Asian Banking & Finance, Wholesale Banking) for its role in helping its customers not just weather the storm during the pandemic but also profit from the benefits of embracing digital solutions for more effective cash management.
Announcing this today, OCBC Bank Managing Director & Head of Transaction Banking Ms Chong Lee Ying said more than half the Bank’s corporate customers now transact with them digitally, marking a more than 25% growth rate compared to pre-pandemic times.
“Spurred by this, we are investing even more heavily now into technology to ensure our clients are further equipped with greater convenience, safety and security so their businesses can thrive and move forward more smoothly in today’s fast paced digital era,” she said.
Today, about six out of ten of the Bank’s corporate customers log in digitally, while mobile banking customers account for about four in ten.
“Our OCBC OneCollect collection service to promote cashless transactions through QR Codes enabled through a mobile app has become hugely popular, as has our OCBC FLASH low-cost remittance option for optimum business cost savings and greater transparency against conventional cross border payment.
“Other popular solutions that our customers have come to appreciate are our Virtual Account collection solution to enable better account reconciliation by capturing payer details; the OCBC e-Biz Account that can be opened entirely virtually; and OCBC Corporate API which allows our customers to perform real-time banking activities or transactions related to cash management, trade and treasury services using application programming interface (API) calls directly from their own application to facilitate payments or collections.
“There several more that our customers have readily tapped into including our Business Financial Management (BFM) via OCBC Velocity, a digital business solution that assists SMEs in their digitisation journey, providing an intuitive cash flow data visual and ready-to-use e-invoicing tool for their sales collection,” she said.
Ms Chong added that stepping in to help SMEs and corporate clients means providing the necessary tools for them to succeed in the current highly disruptive business landscape, through the use of technology for contactless payment and collection.
“We leveraged on the use of technology to improve our clients’ efficiency, automate processes, and increase productivity to strengthen their competitive advantage,” she said.
OCBC Bank became the first bank to introduce PayNow QR into the Malaysian market in 2020 and extended the service earlier this year to logistics and last-mile delivery companies to address collection and reconciliation issues. The award-winning OCBC OneCollect enables collection by businesses using PayNow QR (Singapore) and DuitNow QR (Malaysia) as a digital merchant solution encompassing both mobile application and web portal options. This allows collection with QR codes for local and cross border transactions.