DBS’ corporate customers will be the first in India to be offered real-time status of their cross-border payments at their fingerprints. DBS clients in Singapore and Hong Kong were the first in Asia to be able to tap into this digital solution. Powered by SWIFT Global Payments Innovation (gpi), this solution will enable DBS’ India clients to experience the same transparency and speed for their transactions.
Roshan Mathew, Head of Global Transaction Services at DBS Bank India 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 SWIFT gpi launch is a significant step towards leveraging innovations into existing robust cross border payments infrastructure provided by SWIFT. A SWIFT survey found that 54% of treasurers said they want real-time payments tracking, while 42% are looking for instant payments.
With the new DBS SWIFT gpi solution, customers can now track the status of their cross-border payments instantly online without the need to call the DBS corporate call centre. By logging into DBS IDEAL, the bank’s corporate online banking platform, clients will be able to find out whether the full amount of funds has been received by the beneficiary, the foreign exchange rate applied, and where the funds are in the cross-border payment chain. In addition, customers can expect a faster turnaround time for their cross-border payments as banks using SWIFT gpi are governed by service-level agreements and are required to process transactions within four hours.
