FUND TRANSFER FOR CASH WITHDRAWAL
ENABLE SECURE THIRD-PARTY TRANSFERS WITH PEACE OF MIND
Overview
Customers want to be able to access their cash but sometimes, there isn’t an ATM/Branch in sight.
With our cash withdrawal
via transfer API, we help turn any retail store into a substitute ATM machine. Turn your storefront
into
a cash distribution point that enables customers to easily access their bank accounts. For
businesses
that also means you can distribute your access cash to customers, reducing your need to make
physical
deposits at the bank. Through the fund transfer API, we provide account verification features to
ensure
there’s no security risk to your business acting as an ATM bridge between customers and their own
bank
accounts.
Things to note
- Cash withdraw via Fund transfer limited to the Existing to Bank (ETB) customers holding the
CASA
account.
- Customers can be provided with nearby store locations so that he/she select the convenient
store
to collect the quoted cash amount.
- DBS will message the customer about the transaction status(success/failure) as per BAU.
- Partner hold the cash settlement to customer activity and do the settlement by EOD.
- All the exceptions such as cash shortage during collection, dispute resolution for
counterfeit notes
and order expiry will be handled by the Partner but not by DBS.
- Any refunds to the customer will be initiated by the partner via online transfer mechanism
by invoking
a fundTransferReversal API.
- As an interim solution, all the fund transfer reversals for the failed transactions can be
shared
by partner to DBS CASA operations team as a secured offline end of day statement. DBS Cash
ops
will further review the statement based on the transaction details, further debit the
partner
custodian accounts and subsequently credit the equivalent funds back into the customer
accounts.
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