Singapore’s DBS Bank has launched a new solution that will enable its corporate and SME clients to track digital cross border payments in real time.
The new solution will leverage SWIFT Global Payments Innovation (gpi) service, enabling users to track the status of their cross border payment status instantly without having to call the bank’s corporate call centre.
In order to gain access into their payment status, users have to log in to the bank’s online business banking platform DBS IDEAL.
The new solution has currently been rolled out to DBS customers in Singapore and Hong Kong. In the coming months, the offering will also be made available to the bank’s customers in China, India, Indonesia and Taiwan.
DBS group head of cash product management Navinder Duggal said: “When it comes to processing cross-border payments, corporate treasurers tell us that they want faster and more efficient payments.
“The DBS SWIFT gpi solution gives companies online visibility when tracking payments across more than 48 gpi banks across the globe and this is set to increase as more banks come on board.”
The introduction of the new solution comes shortly after the bank’s launch of its online remittance service called SmartSend.