DBS India has introduced real-time cross-border payment tracking service for its corporate clients.
The new service, powered by SWIFT Global Payments Innovation (gpi), is expected to bring transparency and clarity in commercial transactions.
DBS Bank India head of global transaction services Roshan Mathew said: “As with revolutionary products like UPI that transformed domestic payments, corporate treasurers have been eager to see innovation in cross-border payments and want efficiency and speed across all their payments.
“The DBS SWIFT gpi solution gives them online visibility to track payments across 62 gpi banks across the globe and this is set to increase as more banks come on board.”
The service was first launched by the bank in Singapore and Hong Kong.
The DBS SWIFT gpi solution enables the users cross-border payment tracking through its corporate online banking platform DBS Ideal.
The platform offers details about the foreign exchange rate applied on the transaction, amount of funds received by the beneficiary and the present status in the cross-border payment chain.
Additionally, all transactions made using SWIFT gpi are expected to offer a faster turnaround time to the clients.
SWIFT head of Payments Markets, Markets & Initiatives for Asia Pacific Michael Moon said: “By bringing real-time cross-border tracking through SWIFT gpi to India, DBS is setting a new standard in the way treasury functions are managed.
“Traditionally, transactions are routed through multiple banks before reaching the beneficiary, making complete trackability of payment challenging, and leading to inefficiencies and increased operational costs.
“These gaps are being addressed by SWIFT gpi through its real-time, end-to-end status updates, and the information it offers on the foreign exchange rate and the amount that will be credited to the beneficiary.”