SGeBIZ to Offer EzyPayment eGIRO as Part of Singapore’s Smart Nation Initiative
Singapore E-Business (SGeBIZ), a Fintech Company and a Major Payment Institution licensed under the Monetary Authority of Singapore, announced that it is one of the participants in the inaugural launch of Electronic GIRO (eGIRO). The launch of eGIRO by the Association of Banks in Singapore is part of the Smart Nation Initiative which aims to upgrade Singapore’s broader digital economy infrastructure. SGeBIZ together with 8 participating banks and 13 Billing Organisations (BOs) will offer eGIRO as a collection option.
When it comes to collections and getting paid on time, GIRO is truly a cost-efficient and cost-effective platform for business organisations to collect payments from consumers and corporates. However, it is still a paper-based manual process and hence not as efficient. By going entirely digital with GIRO applications through eGIRO, the process becomes more digitised, efficient and seamless. As a payment aggregator and a provider of B2B business solutions, SGeBIZ will be able to help its customers adopt eGIRO and enhance their productivity.
eGIRO transforms the paper manual process of GIRO into a digital, eco-friendly experience. Unlike current paper GIRO applications which require weeks to be processed and approved, consumers and businesses can now make arrangements to pay their bills in minutes. This will help propel Singapore businesses into the digital economy.
Edmund Louis Nathan, Founder & Group CEO of Singapore E-Business Pte Ltd, said: “We are honoured to be selected in this inaugural launch of eGIRO, with OCBC as our sponsoring bank. SGeBIZ will support our customers who are onboarded to our platforms. We have established the necessary technical linkages and integration between our EzyPayment eGIRO platform and the national eGIRO infrastructure. This will allow our customers to electronically seek direct debit mandates and collect money seamlessly within the SGeBIZ ecosystem.”
SGeBIZ’s EzyPayment eGIRO platform will enable its customers to reduce costs, gain greater operational efficiency, streamline workflow as well as improve liquidity and cash flows.
An additional advantage of using EzyPayment e-GIRO is the reconciliation process. EzyPayment eGIRO will help SGeBIZ’s customers streamline their payment, collections and reconciliation work processes. This will help to eliminate error and provide a leaner financial management process.
SGeBIZ aims to help its customers maximise profitability and productivity through its EzyPayment eGIRO solution. It has a robust payment infrastructure with established technical linkages and integration with the national eGIRO platform.