First-of-its-kind digital payments and accounting solution for Indian SMEs
DBS Bank India and Tally Solutions have entered into a partnership to launch a first-of-its-kind connected banking platform to enable convenient GST payments and accounting processes for SMEs.
The connected banking solution, available to DBS Bank’s SME customers on the GST-ready version of Tally, allows seamless management of GST and supplier payments entirely within the ERP. This gives Tally users the opportunity to go digital without migrating from their preferred platform. With a single login, SMEs can make payments, track payment transaction status and automatically send payment receipts, along with suppliers’ invoice details.
Commenting at the launch, Niraj Mittal, Managing Director and Head of Institutional Banking at DBS Bank India, said, “For the first time, Tally users have the opportunity to digitise their tax payment and accounting processes. Our connected banking solution will ease their transition to the new tax regime and bring substantial savings in terms of time and effort. This innovation is a testament to our continuous efforts to simplify banking for the consumer. Given Tally’s leadership position in the ERP software market, this partnership will help us better serve our existing customer base and continue our aggressive growth in the SME market.”
“We understand the evolving landscape and accounting needs of SMEs in India. We have been working with the regulator to upgrade our accounting and ERP infrastructure, in order to comply with the new GST regime. Our new integrated platform with DBS Bank is an industry innovation that will set a precedent for banking and accounting solutions for SMEs in India,” said Tejas Goenka, Executive Director, Tally Solutions.
DBS Bank has been at the forefront of leveraging advanced technology solutions in the banking space. Through this integration, its SME customers can enjoy a host of benefits, such as:
- Connected Bank: e-Payments can be sent from the Tally platform to DBS Bank in a single click
- Easy Tracking: Payment status and transaction references can be tracked on a single dashboard in Tally
- Instant Approval: The DBS Bank IDEAL mobile app offers approval on-the-go
- Automated Advice: Vendors can be kept informed with automated transaction advising
- Security: The highest standards of encryption are assured while making and approving payments
