DFCC Bank Launches DFCC iConnect for Corporate and Institutional Customers
DFCC iConnect is an innovative Payments and Cash Management solution, designed to simplify and enhance the banking experience of businesses. Launched recently, this solution is set to help business processes become more efficient. In this interview, Deputy CEO of DFCC Bank, Thimal Perera talks about the key features and benefits of this solution.
Q: Tell us about DFCC iCon nect, what was the objective in launching this solution?
DFCC iConnect is a state-of-theart online banking platform that provides business clients with a robust system for effective payments and collection, which significantly reduces operational pressure, minimises risk and optimises efficiency and productivity.
Our main objective in launching this solution was to help business clients build more competitive, efficient and global businesses. Our research tells us that most businesses are looking for opportunities to grow, leveraging on the latest technology, and DFCC iConnect can help them deliver impactful results. This solution offers convenience and flexibility, allowing businesses to have improved visibility over their cash flow as the system operates on an intelligent identification model that keeps track of all activities done at a user level.
We have partnered with one of the best known platform providers in the payment space to bring this service innovation to our clients and are confident that it would bring in unparalleled convenience, flexibility and security to our customers, that they have not experienced before.
Q: What customer segments are you targeting with this solution?
This solution is targeted at and will have huge benefits for local and multinational companies, large corporate as well as forward thinking, progressive SMEs as it connects processes and greatly reduces risk in their financial systems. As most businesses seek flexibility and control, this system enables them to be able to choose how and when to make payments and choose the best option for collecting payments at the click of a button, resulting in better supply chain operations and cash management.
Q: What are the key fea tures of this service and what is the unique selling proposition?
DFCC iConnect gives clients access to their account transaction information from any location; both local and global. They also benefit from rich functionality and convenience whilst enjoying the highest level of security. Clients can view their account balances in real time, make local/cross border payments and choose the best collection mode at the click of a button. Furthermore, this system can be fully integrated to the customers’ ERP ( Enterprise Resource Planning) through a fully-fledged secured direct Host-to-Host (H2H) channel where encrypted payment instructions can be pulled automatically on to the DFCC iConnect platform, thereby helping the customer to achieve increased productivity.
What is unique about DFCC iConnect is that it includes a fully-integrated Financial Supply Chain Management ( FSCM) System, Virtual Accounts (VA) and a stateof-the-art mobile application with biometric (Fingerprint recognition) capabilities for payment authorisation. The FSCM solution provides clients with a supply chain finance platform where their dealers and suppliers receive an end- to- end financing solution along with Straight Through Processing (STP) for invoice settlement; the key benefits being that it enables channel financing while shortening the time to market. Furthermore, customers can identify their payers automatically without issuing a reference code through Virtual Accounts, thereby they have full visibility of their day-to-day transactions.
The solution’s fully automated process flow also adds to customer convenience. This highly secured online portal will enable users to experience a comfortable Graphical User Interface (GUI) and a state-ofthe-art web solution for financial activities. The platform also allows users to perform ad hoc/ single payments and bulk payments at the click of a button as well as receive personalized prompt alerts via email and SMS. Moreover, it caters to any kind of authorization matrices according to the business and control requirements of a company, routes all local and foreign payments (Company cheques /cashier’s orders/ bank transfers via SLIPS, CEFT and RTGS / Telegraphic Transfers) and maintains an audit trail of all activities that are performed on the system for future reference purposes.
Q: How do you think this service will facilitate businesses?
Businesses want flexibility and convenience in their day- to- day operations to achieve growth and look at new and innovative methods of conducting transactions and managing Treasury requirements. Importantly, they want all this while maintaining control and without taking additional risks. This system enables them to do just that, simplifying their payments and collection process via a secured online platform.
Q: What are the future product enhancements planned?
While the solution we currently have is state-of-the-art and feature rich, we have several enhancements planned to further develop this solution in the near future. The most significant of them will be launched in September where we will implement further flexibility onto the system for transactions to become more simplified. This includes implementation of a customized signature matrix for different beneficiaries, ability to upload supporting documents for viewing before authorizing payments, multiple currency signature matrices, automated statement file delivery into users pc folders and many more features.
Q: What are your thoughts on how technology will shape the banking sector in the next five years?
Unprecedented change is happening in the banking sector through digital transformation and in this rapidly evolving landscape banks and Fintech companies are collaborating and innovating to keep up.
Especially in the context of corporates, there is high demand for new technology to simplify processes and increase productivity which has accelerated the development of sophisticated digital solutions.
Blockchain, Crypto Currencies, AI etc. are already here and are changing the banking landscape. It is no more a matter of ‘if ’ but rather ‘when’ and ‘how’ banks are going to incorporate them and digitisation to bring convenience and flexibility to its customers.
In order to succeed, banks need to be agile and leverage on new technology to be able to offer enhanced value propositions to clients and digitally engage with them throughout the entire service process.
At DFCC, we have embedded a culture of innovation into the core values of the Bank. In line with this, we focus on digitising client engagement and creating new and innovative products to drive long term growth. We have made a strategic commitment to increase our investments in the digital space in the last few years launching an array of innovative services such as the DFCC Virtual Wallet, the Premier Go App and Supplier Settlement System for the Tea Industry, and we will continue to do so, in line with the emerging technological trends in the industry. The successful launch of DFCC iConnect positions DFCC as a Bank that offers best-inclass transaction banking products and specialized services to corporate and institutional customers.