Southwestern Asian banking group DBS has reportedly launched a digitalized audit confirmation solution for both corporate and SME customers. According to various reports, the solution cuts down on the processing time for audit confirmation requests from compared seven-day industry norm to just under 24 hours.
DBS also revealed that the solution is expected to help lower the incidence of rejections from incomplete or incorrect form submissions, which are caused in human errors. Customers are now able to track the statuses of their requests in real-time through DBS IDEAL instead of over the phone. Speaking about the new solution, Tan Su Shan, Group Head of Institutional Banking at DBS, added:
“While audit confirmation is a fact of life for many businesses, we don’t believe it has to be a painful, long-drawn process. With the annual financial book closure peak season starting, we’re bringing to bear our innovation and digital capabilities to offer our customers a service that will drastically reduce the time and effort needed to process their requests. This will free our customers from administrative tedium, which we hope will allow them to focus their energies on tasks that are more important to them as they prepare their businesses for the new year.”
The audit confirmation solution comes just a little over a month after DBS announced it will set up a digital exchange. The exchange will notably allow institutional investors, as well as accredited investors, to tap into a fully integrated tokenization, trading, and custody ecosystem for digital assets.