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.
With the DBS SWIFT gpi solution, customers can track the status of their cross-border payments 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.
DBS officials have stated that the DBS SWIFT gpi solution gives corporates online visibility to track payments across 62 gpi banks across the globe and this is set to increase as more banks come on board.
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