As an ambitious and fast growing company, Glints is always determined to find the most efficient approach to building products and processes.
Glints collects money from their corporate customers on a regular basis, and they wanted to enhance the process in a few ways:
(a) Improve customer experience by giving customers an easier way to make payments
(b) Accelerate internal reconciliation time frames for Account Receivables, freeing up time from the operations and finance teams to do higher value-added tasks, like FP&A
(c) Achieve greater cost savings by adopting fixed-fee based approaches, as compared to high MDR rates charged by card processors
In searching for ways to achieve these objectives, Yong Jie Wong, Chief Software Architect at Glints, recollected moments when he was living in the US. It was during this time that he realised how businesses have found efficient ways to collect and reconcile transactions, just by establishing a direct connectivity with their corporate bank account.
Determined to adopt a similar approach, Yong Jie and the Glints team embarked on a journey to learn about banking APIs in the APAC region, and how to adopt them, which eventually let to the partnership with Acme.
"I learned about direct debit when I was in the US, when I could simply link my bank account and have my rental fees deducted every month. This was done completely online and without the paper-based experience we have in Singapore.
From that experience, I had always been interested in exploring more innovative approaches of working with banks, for Glints as a business."
- Yong Jie Wong, Co-Founder and Chief Software Architect, Glints
