Invoice payments with CollectSmart

DBS RAPID Inward Credit Notification (“ICN”) Service delivers API messages to corporate customers’ systems to inform them of successful inward payments to the corporate customers’ accounts. This service is useful in three ways:

1. It allows corporate customers to automatically identify and deliver the required services / products, given that the bank has informed that payments have been successfully received. 
   Note: Upon the corporate customers’ duly authorized instructions, DBS is able to deliver the ICN service to the corporate customers’ third party service providers, to inform them that payments have been successfully received.
2. It allows corporate customers (payees) to automatically knock off in GL the outstanding accounts receivable entry from invoices raised to the buyers (payers).
3. It allows corporate customers to offer a low cost, efficient and fully digital means of collections, when paired with an email-based invoice that offers recipients (buyers) the ability to scan and pay using a PAYNOW QR service.

CollectSmart is an invoicing and digital collections facilitation & reconciliation platform provided by Comsoft Fintech Pte Ltd that specializes in providing IT and integration services to corporate customers. Corporate customers may sign up and engage CollectSmart to provide the following services: 

• Host invoices online (for corporate customers who are suppliers) and send invoices directly to payers’/buyers’ (customers) email with a unique invoice link 
• Configure CollectSmart as Digital Collection Service in Microsoft Dynamics 365 Business Central by installing CollectSmart AppSource(for corporate customers who are suppliers and use Business Central as ERP) 
• Digitally generate a PAYNOW QR for the email invoices sent (by corporate customers who are suppliers) to buyers (customers). Buyers can then review the invoices, and perform a scan and pay of the PAYNOW QR (to pay for the invoices).  
• Track incoming payments (if any) to the raised outstanding invoices via an online portal by reconciling with DBS RAPID Inward Credit Notifications. 
• Auto generate GL entries (for incoming payments, if any) for reconciliation against outstanding accounts receivables for the corporate customers’ (suppliers’) Microsoft Dynamics 365 Business Central ERP. 

Note: DBS is NOT responsible for the services provided by CollectSmart. Corporate customers need to review, evaluate, mitigate and accept risks (if any) posed by using Digital Collection Service Providers, and/or any other IT vendors they decide to use. 

Microsoft Dynamics 365 Business Central is a cloud ERP that offers corporate customers among other services the ability to perform accounting and financial reporting functions.  

As part of Microsoft Dynamics 365 Business Central’s Partners AppSource offering, Microsoft works with CollectSmart as third-party services provider for the Business Central’s email-based invoices that offers recipients (buyers) the ability to scan and pay using a PAYNOW QR service. 

CollectSmart is able to connect directly to Microsoft Dynamics 365 Business Central, and automatically knock off outstanding accounts receivables GL entries upon being informed by the bank of inward payments to the (earlier) raised email invoices.

Note: DBS is NOT responsible for the services provided by Microsoft. Corporate customers need to review, evaluate, mitigate and accept risks (if any) posed by using ERP Providers, and/or any other IT vendors they decide to use.

As explained separately in the answers to questions 1, 2 and 3 above, DBS is able to deliver the ICN service to the corporate customers’ Digital Collection Service Providers, to inform them that payments have been successfully received (upon the corporate customers’ duly authorized instructions). This Digital Collection Service Provider could be CollectSmart. 

CollectSmart in turn would be able to connect directly to Microsoft Dynamics 365 Business Central (which is the corporate customers’ cloud ERP) to automatically knock off outstanding accounts receivables GL entries upon being informed by the bank of inward payments to the (earlier) raised email invoices.

You would need to first have a corporate account with DBS and sign up for DBS IDEAL Corporate Internet Banking services. Kindly check out the below link.

https://smeportal.dbs.com/sg/accounts/#/

After you have established a DBS corporate account and DBS IDEAL access, please continue your onboarding journey by clicking on the link found in the electronic direct mailer that will bring you to the onboarding page which will contain instructions to guide you through the rest of the onboarding journey using your DBS IDEAL credentials.

For the Microsoft Dynamics 365 Business Central-CollectSmart services described in the answers to questions 2 and 3, there is no need for corporate customers to perform any IT development, systems setup or testing work in order to enjoy the DBS RAPID Inward Credit Notification Service.

Alternatively, corporate customers can decide to develop their own PAYNOW QR collections capability to consume the DBS RAPID Inward Credit Notification Service, before updating their ERPs of the inward payments against the raised invoices.

DBS charges S$100 a month for the DBS RAPID Inward Credit Notification APIs on a per corporate banking account basis for the CollectSmart service.  

For subscriptions charges pertaining to CollectSmart, please refer to this link.

For subscription charges pertaining to Microsoft Dynamics 365 Business Central, please refer to this link.