As a part of the memorandum of understanding, MariApps has developed a Host-to-Host (H2H) payment solution to integrate the banking systems of The Development Bank of Singapore Limited (DBS) within smartPAL. The initial solution was developed by Bernhard Schulte Shipmanagement with MariApps’ expertise and in partnership with Deutsche Bank, and won the ‘Client Solution Award – Best Payments and Collection Solution (Singapore)’ at The Asset Triple A Awards 2021.
The award winning solution, which contributes to our clients’ digitalization and finance transformation journey, essentially enables vessel accountants not only to execute payments from smartPAL, eliminating the need to do so via the bank’s web banking service, but also to automatically reconcile bank statements.
Its primary benefit is that it significantly reduces the time and effort needed to traditionally make transactions. Additionally, it provides a simplified method to review and approve the payments through smartPAL, capturing each step of the audit trail. With the strong support of the Maritime Port Authority in Singapore, the award is a strong testament to the intuitive cash management setup that is in place in Singapore, and one which is continuing to expand globally.
We did it! Congrats to all involved who helped make this happen.