August 09, 2019 | The Asian Banker
- DTDC was grappling with slower TAT for reflection of funds and delayed payments to e-commerce entities
- Yes Bank’s solution, virtual account wallets
- Streamlined on-time payments and improved relationship with e-commerce partners
Bangkok, May 30th 2019 — Yes Bank and DTDC Express received the award for Best Financial Supply Chain Management in India at The Asian Banker–Bankers Choice Awards 2019. The awards ceremony was held in conjunction with the prestigious The Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at Shangri-La Hotel, Bangkok, Thailand on May 30th 2019.
In the picture: David Gyori and Richard Hartung; International Resource Directors, Foo Boon Ping, Managing Editor; The Asian Banker with Mrinal Chakraborty; EVP Technology, DTDC Express Limited, Sanjiv Misra; Group President and Munindra Verma; Head Trade & Cash Product Management, Transaction Banking Group; Yes Bank
DTDC was grappling with slower TAT for reflection of funds and delayed payments to e-commerce entities
The initial vendor arrangement for cash pick proved inefficient for DTDC given the requirement of vendor to travel to Tier 1/2/3 cities to procure cash on delivery from franchisees. Not only was the cash picked on the day after sales, but reflection of funds deposited into DTDC’s current account was also delayed by 2 days resulting in T+4/5 for tier 3/4/5 cities. In all, payments to e-commerce firms were hampered which further delayed receivables of goods from them, culminating into DTDC to bear vendor cost’s for Cash pick up as well as restrictions from larger TAT.
Yes Bank’s solution, virtual account wallets combining three products into a unique digital wallet solution
Addressing the pain points to eliminate handling of physical cash and migrate DTDC’s vendors to electronic mode, the bank’s solution integrated three individual products, Ecollect, Multiple APIs and Digital banking wallets to provide a strong system driven solution targeted at improving the processing of receivables in the supply chain domain. The E-collect system was aligned with Digital Wallet system for seamless communication of information while APIs drove real-time transaction and settlement capabilities on a single customized platform. Yes Bank’s integrated solution allowed DTDC to receive payments on same day, franchise to load wallet electronically and enjoy automated end-to-end reconciliation of funds.
Streamlined payments and improved relationship with e-commerce partners
Material outcome for DTDC includes digitalised cash receivables leading to real-time settlements of payments, significant reduction in TAT for Tier-2/3/4 cities from T+2/4/5 to T+0 and zero manual intervention for cash pick-up, deposit and handling. Merger of DTDC’s existing front-end system with Yes Bank’s E-collect and API’s helped DTDC onboard 10000+ franchisee on Wallet system. DTDC additionally was able to streamline collections to deliver on-time payments to e-commerce firms, whilst improving long-term relationship with them.
The Bankers’ Choice Awards 2019, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific, which recognise corporations that have strong financials and demonstrate the ability to use the financial supply chain to add value to their partners in the upstream and downstream activities of their businesses. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/bankers-choice/index.php.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
To view the Business Achievement Awards 2019 gallery, please visit https://bit.ly/2WcifTO.
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker