SINGAPORE: Singapore’s largest lender DBS Bank launched the world’s largest banking application programming interface (API) developer platform.
API Banking enables instant cash payment or receivable facility from third-party system, thereby reducing the turn-around-time for doing a financial transaction. The APIs allow other brands, corporates and fintechs to “talk” to the bank to access a breath of services, including funds transfers and peer-to-peer payment service PayLah!. The collaborations in place include that with McDonald’s, which has introduced the payment option – PayLah!, to its delivery customer base this year. On Wednesday, DBS launched the enhanced DBS Multiplier Account, making it easier for adults to qualify for higher interest rates on their account balances by lowering the transaction threshold, with no minimum salary crediting amount and no minimum credit card spend. With the enhanced DBS Multiplier Account, young adults can enjoy higher interest rates on their account balances and for that they only need to have their salaries credited with DBS/POSB and transact in one or more of the following categories: credit card spend, home loan instalment, insurance or investments.
