DBS introduces real-time payment tracking for all business clients in collaboration with SWIFT

Created: 20 September 2021

With fintechs pushing disruptive cross-border payment innovations across the world, banks are looking to beef up their creaky infrastructure and compete in offering low cost and fast payments for small and medium enterprises.

This week, DBS Bank India in collaboration with Belgium headquartered interbank payments consortium SWIFT has launched real-time online tracking for cross-border collections for businesses in India. This tracking of payments will be done through SWIFT’s Global Payments Innovation (gpi). According to the press note, DBS Bank would be the first bank in India and Asia-Pacific to provide this service to clients which are expected to benefit close to 4000 corporate and SME clients in India.

In the last couple of months, SWIFT with member banks have launched a new low-value cross-border payment service and also a mechanism to eliminate frictions in international payments by upfront verification.

“ It (real-time payment tracking) makes FX and working capital management more predictable, thus reducing costs and optimising cash flow”, said Divyesh Dalal, Head – Global Transaction Services, DBS Bank India.

In Asia, DBS Bank last year introduced the digitization of SMB account opening and launched a QR code-based solution for B2B payments.

Adding further, “The globalisation of economies has meant a pressing need amongst corporates operating across jurisdictions, time zones and currencies, for full and real-time visibility of their international payments. Driven by SWIFT gpi, the new inbound tracking service by DBS Bank allows corporates to see when a payment is on its way and when it is arriving at the beneficiary, which in turn reduces operational costs and frictions”.

This new DBS SWIFT gpi tracking according to the bank will arm corporate treasures with better cash forecasting by receiving the end-to-end tracking information, which was not possible a few years ago. This will help them gain visibility over incoming payments which will in turn help in cash flow, working capital management and improve receivables forecasting.

DBS is a financial services company with a presence in 18 markets around the globe and it offers banking services to consumers, SMEs and corporate banking.