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Cash Management Updates for NPOs
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  1. Cash Management Updatesfor NPOs Jemmy Ong Vice President, Global Transaction Services Cash & Trade

  2. Day to day concerns of NPOs • Problem with cheques • Forgery • Room for “add-ons” • Cash cheques • Safe keeping of cheque stock • Manual processes • Cost • Convenience

  3. Cash management solutions to address NPOs concerns

  4. Problems with cheques Outsource through the issuance of cashiers cheques: • Secure e-banking access for initiation • Value add features • Signed by the bank • Validation of the cheque when presented • Wide choice of delivery methods • Ability to have cheque status update on-line • On-line stop cheque capability • Auto refund of cheques after expiry • Efficiency improvements • Eliminate the need for manual signatures • Approval by batch • Improve reconciliation

  5. Secure e-banking access To have a electronic banking system with robust security features: • Limited access • 2 factor authentication • Password • Token access • Token given only to key personnel • Token authorisation • Segregation of function • Separate maker and approver function • Strong Audit Trail • To track the activity of the users that use the system

  6. Problems with cheques Outsource through the issuance of cashiers cheques: • Secure e-banking access for initiation • Value add features • Signed by the bank • Validation of the cheque when presented • Wide choice of delivery methods • Ability to have cheque status update on-line • On-line stop cheque capability • Auto refund of cheques after expiry • Efficiency improvements • Eliminate the need for manual signatures • Approval by batch • Improve reconciliation

  7. Manual processes Automation of manual processes - Collection: • GIRO Collection • SGD direct debits from consumer accounts via interbank GIRO • Same day collection (For DBS accounts) • Available even on Saturdays (For DBS accounts) • Collection status file delivered electronically • DDA Maintenance • Outsourcing of DDA setup using DDA mandate forms to DBS • Shorter DDA setup time for DBS/ POSB account holders

  8. Manual processes Automation of manual processes - Collection: • eDDA • Paperless DDA setup process using the subscriber’s ATM card via a NETS terminal at Billing Organisation’s office • On-line real-time approvals • Streamlined process reduces rejects • 24X7 Availability • DDA status file sent electronically for updating Billing Organisation’s AR system • eDDA via AXS machines

  9. Manual processes Automation of manual processes - Collection: • Bill Payment • Allows collection from consumers with DBS/POSB SA/CA/Credit Card/Cash Line • Available through DBS iBanking • 1 million ibanking users • 24x7 ibanking • Proceeds credited next day • Daily reports available via IDEAL™

  10. Cost Cost reduction through: • Automating instructions • Initiating payment /collection instructions through electronically • Internet banking/ Server to server • Discount on electronic payment – Banks pass the cost savings back to clients • Product bundling • Multiple products are offered to clients as a single package • Interest paying current account packaged with common transactions • The Convenience of internet banking • Preferential pricing on transactions linked to balance in the current account

  11. Convenience • 24x7 availability on the internet banking platform • Flexible modes of transaction initiation • Models/templates • For recurring transactions with pre-filled details • File upload • Integration with your payments and payroll applications such as SAP, EasyPay, PayMaster, ACCPAC

  12. Total Transaction Amount Hash Total for data integrity Challenge Code for Authoriser Convenience • Proxy Authorization • Generate response for proxy to authorise • Data integrity can be verified using hash total

  13. Case Sharing

  14. Singapore Red Cross • Cyclone Nargis/Sichuan earthquake – Approached Red Cross to use self-service channel for the collection of donations • Once agreed, turn around for setting it up on bill payment was 24 hours • DSB/POSB customers made more than 27,000 donations amounting close to SGD3.7 million • 67% were done on-line through i-banking • Proceeds were credited into the accounts on the following day

  15. Churches Collections • Cash deposits • Queue at the branch counters • Cash bag service • GIRO DDA • For regular monthly tithing • Bill payment • Collection credited directly into the account lump sum the following day • Daily bill payment report provide details • Reference to differentiate tithing/building fund contributions Payments • GIRO payment to suppliers • Cheque outsourcing

  16. Charities/Co-operatives Collections • GIRO DDA • For regular monthly contributions • eDDA • Real time approval for consumers with accounts with DBS/POSB • Bill payment Payments • GIRO payment to suppliers • Cheque outsourcing for regular monthly payments

  17. Thank You