DBS Bank India and Tally Solutions have entered into a partnership to launch a connected banking platform to enable convenient GST payments and accounting processes for SMEs, said Tally Solutions. According to Tally, the connected banking solution available to DBS Bank's SME customers on Tally software allows seamless management of GST and supplier payments entirely within the ERP.
“This gives Tally users the opportunity to go digital without migrating from their preferred platform. With a single login, SMEs can make payments, track payment transaction status and automatically send payment receipts, along with suppliers' invoice details,” said Tally Solutions.
“For the first time, Tally users have the opportunity to digitize their tax payment and accounting processes. Our connected banking solution will ease their transition to the new tax regime and bring substantial savings in terms of time and effort. This innovation is a testament to our continuous efforts to simplify banking for the consumer. Given Tally's leadership position in the ERP software market, this partnership will help us better serve our existing customer base and continue our aggressive growth in the SME market,” said Commenting at the launch, Niraj Mittal, Managing Director and Head of Institutional Banking at DBS Bank India.
“We understand the evolving landscape and accounting needs of SMEs in India. We have been working with the regulator to upgrade our accounting and ERP infrastructure, in order to comply with the new GST regime. Our new integrated platform with DBS Bank is an industry innovation that will set a precedent for banking and accounting solutions for SMEs in India,” said Tejas Goenka, Executive Director, and Tally Solutions.
Through this integration, SME customers can get a host of benefits, such as: e-payments can be sent from the Tally platform to DBS Bank in a single click. Payment status and transaction references can be tracked on a single dashboard in Tally. The DBS Bank IDEAL mobile app offers approval on-the-go. Vendors can be kept informed with automated transaction advising.