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 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 that the entire loan disbursement and repayment cycle is now handled electronically, eliminating physical paperwork and courier delays. Operational hassles have been reduced with automated mandate management and UAE PASS authorisation, eliminating the need for manual signature hunting and 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 digitise and streamline a core part of that journey, collections and repayments.”
