Latest news with #DirectDebitSystem
Mid East Info
7 days ago
- Business
- Mid East Info
Beehive and Direct Debit System partnership fuels $1 Bbillion in digital SME funding - Middle East Business News and Information
Financing milestone marks one year of collaboration between the two platforms Direct Debit System (DDS), the fintech platform for automated collections, licensed by UAE Central Bank, is celebrating its one-year partnership with Beehive, the first peer-to-peer lending platform in the MENA region to be regulated by the DFSA. The milestone comes as Beehive surpasses USD 1 billion in SME financing across the GCC. The year of collaboration has enabled Beehive to execute collections and repayments in a paperless, secure, and instantly reconcilable environment, by replacing legacy cheque-based processes with DDS's fully digital direct debit solution, powered by UAE PASS. 'Reaching the USD 1 billion milestone is a testament to Beehive's commitment to fueling SME growth in this country,' said Vivek Harikrishnan, Head of Product & COO at DDS. 'Our direct debit integration eliminates the delays and risks inherent in manual cheque handling, meaning no more lost cheques, no more uncertainty over collection timing or signature mismatch. Beehive's finance team now enjoys end-to-end visibility, IBAN validation, the ability to postpone and retry collections digitally, automated notifications, and same-day reconciliation, so they can focus entirely on supporting SMEs in the UAE to scale their business.' Since integrating DDS's API-driven direct debit technology, Beehive has achieved a number of milestones to streamline processes. The platform has gone paperless, meaning the entire loan disbursement and repayment cycles are now handled electronically, cutting out physical paperwork and courier delays. Operational hassle has been reduced with automated mandate management and UAE PASS authorization, removing the need for manual signature hunting, drastically lowering back-office overheads. The reconciliation process has also been accelerated, with real-time transaction reporting and instant settlement data shortening reconciliation times from days to hours. Reflecting on the collaboration, Jason Stewart, Head of Partnerships and Products at Beehive, stated, 'At Beehive, we've always believed that SME finance should be fast, secure, and frictionless. Our partnership with DDS has allowed us to digitize and streamline a core part of that journey, collections and repayments.' ———- About Direct Debit System Direct Debit System is the UAE's first Central Bank–licensed platform offering digital, paperless direct-debit collections from bank accounts and credit cards. The solution automates recurring payments for school fees, rents, memberships, loan repayments and more—replacing cheques, unnecessary credit card charges and manual follow-ups with secure and bank -bank direct settlement process that simplify cash-flow management for businesses of all sizes. The Direct Debit solution is now widely used by education institutions, real estate firms, service industries as well as most of the leading alternative lending platforms. Find out more at About Beehive Founded in 2014, Beehive is the first peer-to-peer lending platform in the MENA region to be regulated by the DFSA. Headquartered in Dubai, Beehive connects businesses seeking finance with investors willing to support their growth, offering a faster, more affordable funding option for SMEs. Through technology and a commitment to supporting regional businesses, Beehive has become a trusted partner for SMEs across the GCC. Learn more at
Gulf Today
20-07-2025
- Business
- Gulf Today
Beehive, DDS partnership fuels $1b in digital SME funding
The one-year partnership between two leading digital platforms —Direct Debit System (DDS) and Beehive — have surpassed $1 billion in SME financing across the GCC. The platforms Direct Debit System (DDS), the fintech platform for automated collections, licensed by the UAE Central Bank, is celebrating its one-year partnership with Beehive,the first peer-to-peer lending platform in the Mena region to be regulated by the DFSA. The milestone comes as Beehive surpasses $1 billion in SME financing across the GCC. The year of collaboration has enabled Beehive to execute collections and repayments in a paperless, secure, and instantly reconcilable environment, by replacing legacy cheque-based processes with DDS's fully digital direct debit solution, powered by UAE PASS. 'Reaching the $1 billion milestone is a testament to Beehive's commitment to fueling SME growth in this country,' said Vivek Harikrishnan, Head of Product & COO at DDS. 'Our direct debit integration eliminates the delays and risks inherent in manual cheque handling, meaning no more lost cheques, no more uncertainty over collection timing or signature mismatch. Beehive's finance team now enjoys end-to-end visibility, IBAN validation, the ability to postpone and retry collections digitally, automated notifications, and same-day reconciliation, so they can focus entirely on supporting SMEs in the UAE to scale their business.' Since integrating DDS's API-driven direct debit technology, Beehive has achieved a number of milestones to streamline processes.
Observer
20-04-2025
- Business
- Observer
CBO boosts digital banking with new direct debit system
MUSCAT, APRIL 20 The Central Bank of Oman (CBO) has rolled out significant enhancements to its Direct Debit service, marking a strategic milestone in the Sultanate of Oman's broader push toward digital transformation in the financial sector. The improvements aim to streamline transactions for individuals and businesses alike, reduce reliance on cheques, and enhance the overall efficiency and security of banking operations The newly improved Direct Debit service enables the full digital processing of mandates—right from issuance and authorisation to execution—through electronic banking channels. This transition from paper-based procedures to an electronic framework allows customers to approve mandates directly through their bank's digital platforms, minimising the need for manual processing and physical documentation. The CBO, in collaboration with commercial banks, has already launched a pilot phase for two core systems: the Direct Debit System and the Direct Debit Mandate Management System. These platforms are expected to significantly improve user convenience and operational efficiency while expanding the adoption of automated financial services across the Sultanate of Oman. A direct debit is a payment instruction that authorises a bank to deduct funds from a customer's account in favour of a beneficiary, based on pre-agreed terms. With the new enhancements, this process becomes more accessible and reliable for both individuals and corporate entities. In parallel with these technical upgrades, the Central Bank has also reinforced the legal framework surrounding the Direct Debit service. Under the National Payment Systems Law No. 8/2018, beneficiaries are granted legal protection in the event of a bounced direct debit, similar to the recourse available for dishonored cheques. This framework supports the enforceability of direct debit transactions and safeguards the rights of all parties involved. Key benefits of the updated system include reduced operational costs, increased transaction speed, and improved accuracy. By cutting down on manual errors and eliminating paper-based documentation, the new platform not only enhances service reliability but also contributes to environmental sustainability. Several banks have already integrated the electronic Direct Debit mandate service into their offerings, with others expected to follow suit by 2025. The move is part of Oman's national agenda to modernise its financial infrastructure and encourage the development of a cashless, digitally empowered economy. By upgrading its Direct Debit system, the Central Bank of Oman not only demonstrates its commitment to improving payment services but also reinforces its role as a key driver of financial innovation and digital adoption in the country. As the banking sector continues to evolve, the successful implementation of these enhancements positions Oman as a forward-looking economy ready to meet the demands of a dynamic, tech-driven global financial landscape.
