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Enterpryze and UOB: Why Asian Businesses Thrive with Online Banking

This post is also available in: Singapore

At Enterpryze and UOB, we believe that small businesses deserve a fighting chance in the age of competitive and fast digitisation.

And making better business decisions starts with the ability to adopt more agile financial practices that are fit to a digital economy and consumer demands.

This is why Enterpryze’s solution is securely connected with UOB to introduce the next level of business banking and accounting for Asian businesses.

The integration of Enterpryze’s solutions and UOB allows small businesses higher flexibility than ever before when it comes to sending and receiving online payments, accessing account data, and viewing real-time transactions as they happen.

Why did Enterpryze integrate with UOB?

The UOB x Enterpryze integration is tailored to be as user-friendly as possible for businesses across industries and size.

SMEs, micro businesses, freelancers and individual contractors, medium-sized companies or multinational organisations were kept in mind with this integration; truly simple yet powerful enough to be used for diverse functions.

Because Enterpryze believes that no one should be left out of the loop of fast-growing digitalisation because of complicated systems, expensive subscription fees or lack of awareness.

Rather, they should be embracing the innovation, partnerships and integration made available to them to penetrate the market and rise to the top of their industry.

That’s why Enterpryze has integrated with UOB – so that the potential of cloud banking to improve business productivity and scalability is realised by more businesses in Asia.

Cloud banking continues to transform the way many businesses operate.

It’s one of the most essential tools for a company to have to eliminate risks, human error, and guesswork – as well as provide managers, executives, and business owners insight as to how their finances are impacted by day-to-day operations.

Our exciting connection with UOB is made available to businesses across Singapore, Malaysia, Indonesia, and Thailand.

See how cloud business banking can help your SME in Singapore – as the landscape gets more competitive in each industry. 

These UOB powerups are made available for members of all our solutions (Invoice & Pay, Accounting, Inventory, and ERP) although specifications and functions differ according to each package.

How will users benefit from Enterpryze x UOB?

Even before the world’s economy was shaken by the recent COVID-19 pandemic, B2B and B2C organisations across the globe have understood digitisation’s great impact.

So, whilst doubling down on social media marketing, or launching an eCommerce store is important – businesses need to take a closer look at how a digitally demanding economy affects the state of their finances.

Here are a few digital finance initiatives we’ve seen over the years: –

  • Online fund transfers to/from banks have seen an uptick
  • eWallets are becoming commonly used for Person-to-Merchant (P2M) payments, in both physical and online stores
  • The use of online payment gateways will see an increase in volume – particularly to facilitate the transactions from users on online stores
  • QR code payments are up and rising due to their contactless, instant nature
  • Companies still attempt to manually manage reconciliations from their bank into their business platforms, but it remains a time-consuming process. Innovative businesses have started to adopt automatic bank reconciliation tools to bridge the gap between their banking system to accounting software.

New developments such as these must be considered by all businesses alike for a customer’s ease of use – especially in a competitive market.

Here are 5 key reasons the Enterpryze and UOB integration should shapes modern businesses.

1. Direct bank feeds live transactions.

Save time switching back and forth between your business’ bank account and your accounting solution with Enterpryze x UOB.

This powerful integration allows for users to immediately pull up the Banking dashboard, where they’ll be able to access their Bank Transactions Feed, Bank Balance, Bank Reports, and view Foreign Exchange Rate activities.

Your UOB’s live business bank feed on Enterpryze allows you to automate a huge part of manual bookkeeping as transaction data is updated live into your accounting software.

Of course, this gives you the opportunity to have greater visibility on your cash flow and track profitability all around.

Enterpryze allows for predictive reporting as well – giving business owners a better idea on how to prepare their business for the future or how to make better decisions with solid data on hand.

Notifications are also enabled, so users can be instantly aware of outgoing and incoming transactions.

2. Faster bank reconciliations without manual work.

Say goodbye to comparing the status of each individual payment and marking transactions manually.

Enterpryze allows you to instantly connect your UOB bank account to receive real-time feeds for reconciliation purposes.

With a few clicks of a button, all activities can be reflected in your bank reporting dashboard under Enterpryze.

This eliminates the need for employees/accountants to look over every report line to see outstanding payments.

Automation like this also allows for mistakes or discrepancies to be spotted earlier on – without someone tirelessly looking over documents and accidentally missing out on an error.

3. Various digital payment methods enabled.

Enabling digital payments goes beyond enabling ease of use for your customers, clients, or vendors.

In fact, this Enterpryze x UOB feature allows you to receive payments faster and much easier than regular checks.

Simply send out an invoice to a customer within seconds – and give them the opportunity to pay you instantly. Even without the need to obtain or reveal bank account numbers.

This is done by linking your Corporate Account to your Unique Entity Number (UEN). From this point onwards, your business gets to receive funds through that UEN or QR code.

This feature by UOB is known by different terms according to country but essentially allows for the same instant payment methods within parties.

Collecting invoice payments via this method is available on mobile and desktop.

A simple, yet powerful integration for businesses in Asia

Enterpryze is on a mission to transform the way businesses manage their finances so that they’re always empowered with the right resources to make exceptional decisions.

The Enterpryze x UOB integration is just one of the ways we’re able to make that a reality for SMEs and growing organisations across Asia.

The benefits of real-time bank feeds, bank reconciliations and diverse digital payments also apply to countries across Europe – where we’ve partnered with Plaid to ensure secure connections with banks like Bank of Ireland, Ulster Bank, and Allied Irish Banks (AIB).

To get started for free with an Enterpryze subscription, go here to see our full solutions list. 

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