Are you a Talenox client? Do you have business accounts with DBS? If you have a DBS IDEAL online account, you have the privilege of simply logging in to your Talenox account to upload your bank file and pay your employees in a few clicks.
Today, we bring to you the 3rd instalment of our Slideshare “How-To” series – a guide on uploading your bank files for one of the most popular local banks in Singapore – DBS bank. This is the official guide for showing clients how to upload their DBS Bank File for payroll purposes.
If you haven’t already noticed, we have other “Slideshare How-to” guides for other financial institutions/statutory boards as well. Check them out here:
What exactly is a Payroll Bank File?
A Payroll Bank File is a .txt file that may be named differently for different payroll platforms. For Talenox, when the Bank File is processed, it will be named like this: bank_file14092963432.txt.
And why do I need one?
Imagine keying in entries for 30 or more employees into the bank’s portal. That sounds tedious, doesn’t it? It gets worse if your company has more than 100 employees. If you’re the person keying in these numbers and data, you should really give yourself a pat on the back. However, we believe you’d feel that the time spent might not really be worth the effort.
At Talenox, we aim to make peoples’ lives easier. Hence, we created a smart system to automatically process your Payroll into approved Bank File templates, so that you can make your payment immediately. Here are the steps to upload the Payroll Bank File to DBS:
Uploading a Payroll Bank File to DBS
*Remember to log in to your Talenox account first, and make sure you have Admin or Superadmin access rights.
There may have been a couple more steps than the usual corporate banking platforms, but that’s because of DBS’s commitment to upholding a high level of payment security. With the new DBS IDEAL version 3.0, our clients have told us that the user experience has been a lot better.
Applying for File Transfer
Note: If you cannot find the “File Transfer” section under “Payments” for you to “Upload Profiles”, it means that you had not applied for that feature when you initially set up your DBS IDEAL corporate account. To apply for the “File Transfer” feature, please follow these steps:
- Please click on Ideal Application Pack to download the form.
- In order to use the file transfer service, kindly check the box under Section 6b: Other Instructions – File Transfer.
- Finally, go to a DBS branch and get the form processed by one of the bankers.
Based on our experience, we recommend the branch at Marina Bay Financial Centre (MBFC) or the one at Suntec City. The queues are much shorter there. 😉
And lastly, just our humble opinion – with the launch of DBS Business Class to help create the ecosystem for SMEs and startups in Singapore, we hope that DBS will revamp the IDEAL corporate banking platform in the future. Competition for market share of the corporate banking sector is definitely beneficial to businesses in Singapore and the region, as this means we will see an improvement in the service level and technology implemented. The change is already ongoing, with a polished onboarding flow for new clients through the DBS web platform. Go go, DBS bank! Make Singapore proud.
If you haven’t started automating your payroll processes, or if you’re considering a switch to a better payroll software, you need to see this: 3 Things to Look Out for When Shopping for Payroll Software.