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.
Niraj Mittal, MD and head of Institutional Banking at DBS Bank India, said: “For the first time, Tally users have the opportunity to digitize 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.”
The collaboration is done with an aim to access newer customers. DBS has added over 2000 new SMEs recently, and the bank aims to engage with over 10,000 SMEs by the end of the current financial year.
The Bank is formulating a framework under which it plans to extend 25 lakh rupees as the average loan to the Small and Medium Enterprises.
The collaboration with Tally will help the user transact directly through the banks mobile application. Following which the loans will be extended based on the algorithms obtained by the bank through the transactions, after its done assessing the SME’s repayment capabilities.