DBS aims for 30% reduction in corporate cheque payments by 2020

Singapore

DBS Bank announced on Thursday it will help its corporate clients reduce their cheque use by 30 per cent from current levels within the next two years, in a bid to help them keep pace with the increasing popularity of digital payments among consumers.

Raof Latiff, head of digital at DBS's Institutional Banking Group, said that the bank has seen a five-fold increase in corporate clients requesting digital payment solutions to be embedded into their payments processes over the last 12 months.