At Sibos, Sterling Commerce, an IBMÂ® company (NYSE:IBM), today announced that DBS Bank, one of the largest financial services groups in Asia, has implemented Sterling Managed File Transfer (MFT) to optimize its cash management services. The new software enabled DBS Bank to create a single file transfer platform, the DBS Secured Gateway that provides automated cash management services to corporate customers and accelerates new customer onboarding for the bank.
DBS needed to consolidate its multiple centres of file transfer activity to a single platform and achieve seamless integration of back office systems for both inbound and outbound channels. With its wide range of communication protocols and dynamic, flexible data transmission service, Sterling MFT enabled DBS to build a flexible, reliable and secure platform that allows corporate customers to enjoy more flexible, seamless and automated straight-through processing cash-management services. The Sterling Commerce solution also has reduced corporate risk and increased security by delivering a high level of data integrity and confidentiality.
Real-time self-service visibility provided by Sterling MFT allows corporate customers to check the status of their payment files, as well as sign up for automatic notifications and alerts. The improved visibility into file transfer traffic increases customer service by providing DBS with the information it needs to quickly deal with exceptions, monitor file movements and alert customers of potential problems. Additional benefits also include audit trails to assist the bank in meeting its compliance and regulatory reporting obligations.
âOur new capabilities ensure that DBSâ corporate customers are empowered with new services and options that give them greater control, while providing us with a higher level of channel visibility,â said Felix Chan, senior vice president, Global Transaction Services, DBS Bank.
DBS Bank has become more competitive by increasing the speed of customer onboarding, allowing the delivery of its services and products to more customers over five months than it had over the previous year. In fact, within the first year of implementing Sterling MFT, DBS realised a nearly 60 percent increase in the speed of onboarding customers with the solution, in addition to providing better services and to its corporate clients.
âDBS sought to lower the total cost of ownership of its technology platform,â said Jim Gahagan, global financial services industry executive at Sterling Commerce. âBy increasing its organisational efficiency, the bank has lowered operating costs while simultaneously improving its customersâ experience. It was also able to accelerate the revenue from those customers as they are onboarded to the bank more quickly. Sterling Commerce is especially pleased that the technology has helped the bank acquire more customers and remain competitive, and we look forward to an ongoing successful partnership with DBS.â
Moving forward, DBS has plans to extend its current file transfer services to online messaging services, and to serve other business units such as consumer banking.