DDS and Beehive Mark One-Year Partnership as SME Financing Surpasses $1 Billion

Direct Debit System (DDS) , the fintech level for automated collections, licensed by the UAE Central Bank, is celebrating its one-year concern with Beehive , the archetypal peer-to-peer lending level successful the MENA portion to beryllium regulated by the DFSA. The milestone comes arsenic Beehive surpasses USD 1 cardinal successful SME financing crossed the GCC. The twelvemonth of collaboration has enabled Beehive to execute collections and repayments successful a paperless, secure, and instantly reconcilable environment, by replacing bequest cheque-based processes with DDS’s afloat integer nonstop debit solution, powered by UAE PASS.

“Reaching the USD 1 cardinal milestone is simply a testament to Beehive’s committedness to fueling SME maturation successful this country. Our nonstop debit integration eliminates the delays and risks inherent successful manual cheque handling, meaning nary much mislaid cheques, nary much uncertainty implicit postulation timing oregon signature mismatch. Beehive’s concern squad present enjoys end-to-end visibility, IBAN validation, the quality to postpone and retry collections digitally, automated notifications, and same-day reconciliation, truthful they tin absorption wholly connected supporting SMEs successful the UAE to standard their business.”

–Vivek Harikrishnan, Head of Product & COO, DDS.

Since integrating DDS’s API-driven nonstop debit technology, Beehive has achieved a fig of milestones to streamline processes. The level has gone paperless, meaning that the full indebtedness disbursement and repayment rhythm is present handled electronically, eliminating carnal paperwork and courier delays. Operational hassles person been reduced with automated mandate absorption and UAE PASS authorisation, eliminating the request for manual signature hunting and drastically lowering back-office overheads. The reconciliation process has besides been accelerated, with real-time transaction reporting and instant colony information shortening reconciliation times from days to hours.

 “At Beehive, we’ve ever believed that SME concern should beryllium fast, secure, and frictionless. Our concern with DDS has allowed america to digitise and streamline a halfway portion of that journey, collections and repayments.”

– Jason Stewart, Head of Partnerships and Products, Beehive.