UOB launches digital banking platform UOB Infinity for corporate clients

In addition, UOB Infinity will send businesses real-time notification through SMS or email.
In addition, UOB Infinity will send businesses real-time notification through SMS or email.ST PHOTO: LIM YAOHUI

SINGAPORE (THE BUSINESS TIMES) - UOB has launched digital solution UOB Infinity for its corporate clients. It will roll out UOB Infinity across the region, beginning with Singapore. The platform will let the lender's corporate clients manage their banking needs in a simpler, smarter and more personalised manner.

Citing rising demand for personalised digital experiences, UOB said in a statement on Wednesday that the new platform offers clients a customisable dashboard that lets them prioritise and display important information, making it easy for them to see the state of their company's finances at a glance and in real-time.

Clients can also use the platform to manage a range of domestic and cross-border banking activities, such as checking UOB accounts across various markets and making local and international payments, without logging into multiple platforms.

In addition, UOB Infinity will send businesses real-time notification through SMS or email when their payment has been successfully credited into the beneficiary's bank account.

This addresses the lack of real-time tracking for cross-border payments, which is a common concern among corporate clients, UOB said. About 20 per cent of monthly calls the bank receives from corporate clients relate to queries on the status of their cross-border payments.

Clients will also be informed of the charges for the cross-border transaction, including those from the intermediary bank. This provides businesses with greater transparency around costs of the transaction, and helps prevent instances where there is a discrepancy in the final amount received by the beneficiary due to charges, UOB said.

In addition, clients can use UOB Infinity to make a wide range of payments - including local bill payments and domestic and cross-border fund transfers - through services such as PayNow, FAST and telegraphic transfers. They can also use the platform to generate a QR code to request for payment via PayNow Corporate from buyers.

UOB said the number of PayNow Corporate transactions in the first half of 2020 had jumped nearly nine times compared to the year-ago period.

UOB Infinity will offer biometric login via a soft token on the mobile app, which gives clients faster access and simplified transaction authorisation while also ensuring security, the lender said.

 
 
 

It added that Singapore users of its existing business Internet banking platform UOB BIBPlus can log into and start using UOB Infinity with the same credentials.

So Lay Hua, head of group transaction banking, group wholesale banking, UOB, said the bank believes that through UOB Infinity, it can help more corporate clients increase their use of digital banking services for better productivity and business performance.

"Not only is this essential to supporting businesses in their digital transformation efforts, it also helps in increasing their resilience and ability to make timely, data-driven decisions to cope with unexpected events such as the Covid-19 pandemic," she added.