DBS floats online resident payment collection platform

It reduces risk of cash and cheque mishandling.

DBS has rolled out a digital collection solution for recurring and one-off resident payments to prepare the facilities management sector for the digital economy, according to an announcement.

QuickPay, developed with proptech firm IBase, allows management corporation strata title (MCSTs) and managing agent companies to collect resident payments digitally, including conservancy fees, facility booking fees and sinking funds.

Available on the Qornerstone Estate property management platform, QuickPay passes transaction details into the platform, which automatically issues the electronic receipt, reconciles the payment and updates the MCSTs’ financial records. Through QuickPay, an accountant will now be able to manage ten estates easily.

The digitalised collections process helps MCSTs and MAs mitigate the inherent risks of cash and cheque mishandling or loss of paper receipts and records. The solution also offers MCSTs lower transaction costs, reduced operating expenses, and expedited conversion of receivables to receipts, thus enhancing working capital management.