OCBC First to Integrate With IRAS to Enable Direct Payment of Taxes
by Fintech News Singapore July 22, 2021OCBC Bank is the first in Singapore to collaborate with the Inland Revenue Authority of Singapore (IRAS) to enable customers to have a seamless review and payment of their income and property taxes within a single digital platform, according to a statement by the bank.
IRAS has integrated its payment Application Programming Interface (API) with the bank’s digital platform – OCBC Financial OneView.
With the launch of Singapore Financial Data Exchange (SGFinDex), an open banking initiative, OCBC enabled customers to consolidate their financial information on one platform and view their assessable income.
With this recent integration of a direct payment method through OCBC Financial OneView, customers can now view their tax balance amounts and make tax payments immediately on the same platform via a seamless one-stop access.
This solution eases a common pain-point among taxpayers, who traditionally had to switch between the IRAS platform and the bank’s platform to view their tax details and then make payments.
Since the launch of the instant tax view and payment feature in May 2021, 30 percent of the customers who used this service paid their taxes for the first time through OCBC.
Sunny Quek
Sunny Quek, Head of Consumer Financial Services Singapore at OCBC Bank said,
“Income and property tax payments are among our top five payment transactions by volume today. With an all-in-one view of tax information and the ability to pay them instantly, customers will obtain a holistic picture of their financial health as they can now take into account their tax expenditure and make their tax payments easily via our digital channels. This overview will help customers work out their budget, income and expenses better.”
Featured image: Edited from Unsplash
