Tech

OCBC first integrates with IRAS to allow direct tax payments

According to a bank statement, OCBC Bank is the first in Singapore to work with the Inland Revenue Authority of Singapore (IRAS) to enable customers to seamlessly review and pay income and property taxes within a single digital platform. It’s a bank.

IRAS has integrated the payment application programming interface (API) with OCBC Financial OneView, the bank’s digital platform.

With the launch of the Singapore Financial Data Exchange (SGFinDex), an open banking initiative, OCBC has enabled clients to consolidate their financial information into one platform and view their taxable income.

This recent integration of direct payment methods via OCBC Financial OneView allows customers to view tax balance amounts and pay taxes immediately on the same platform via seamless one-stop access. I did.

This solution alleviates common problems among taxpayers. Taxpayers have traditionally had to switch between the IRAS platform and the banking platform to view tax details and make payments.

Since the launch of the Immediate Tax View and Payments feature in May 2021, 30% of customers using this service have paid taxes for the first time through OCBC.

Sunny Quek, OCBC Bank Head of Consumer Financial Services Singapore OCBC Bank Tax

Sunny Queck

Sunny Quek, Head of Consumer Financial Services Singapore at OCBC Bank, said:

“Income and property tax payments are one of the top five payment transactions in today’s volume. Customers take tax spending into account because they can view tax information all-in-one and pay instantly. You can easily pay taxes via digital channels to get a complete picture of your financial situation. This overview helps your customers better calculate their budgets, incomes and expenses. “

Featured Image: Edited from Unsplash

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OCBC first integrates with IRAS to allow direct tax payments

Source link OCBC first integrates with IRAS to allow direct tax payments

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