DBS, in partnership with SWIFT Global Payments Innovation (gpi), has rolled out a real-time online tracking for cross-border incoming payments, for businesses in India.
The new DBS SWIFT gpi incoming tracking enables better cash forecasting for corporate treasures, through its end-to-end tracking information.
It is expected to provide visibility over incoming payments and help with working capital management for nearly 4,000 corporate and SME clients in India.
Also, the new service enables improved accuracy for intraday credit line needs and facilitates further benefits in supporting credit control, said the company.
DBS is claimed to be the first bank in India and Asia-Pacific to offer the tracking service for incoming payments and was the first to offer it for outbound payments, in the past.
DBS Bank India global transaction services head Divyesh Dalal said: “At DBS, we are committed to empowering our customers with innovative digital solutions to bring efficiency in their business and achieve scale.
“Our incoming payment tracking capability, powered by SWIFT gpi, brings transparency and visibility to corporate treasuries and SME businesses alike. It makes FX and working capital management more predictable, thus reducing costs and optimising cash flow.
“Coupled with our digital solutions for cross-border payments, regulatory documentation management and FX, we strive to deliver the best platform for cross-border transactions to our customers.”
DBS offers the value-added service free of charge, for all corporate customers through its DBS IDEAL- DBS online banking portal.
Business customers will receive a notification on DBS IDEAL when a payment is initiated to the DBS account on the SWIFT network by the remittance bank.
The DBS SWIFT gpi incoming notification provides the customers with digitised proof of initiation and structured payment advice and reduces the manual processes.
It enables customers to track the updates of incoming funds in the cross-border payment chain across various geographies.
Also, the customers can subscribe to Inward Telegraph Transfer (ITT) status alerts through email or mobile app.
The ITT status alerts feature has been launched across seven markets, including India, Singapore, Hong Kong, China, Taiwan, Indonesia and Vietnam.
SWIFT India and South Asia head Kiran Shetty said: “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.
“The initiative is part of our vision at SWIFT towards a future of instant and frictionless account-to-account cross-border payments, and we continue to work closely with DBS Bank and our partners in the global financial services community, to achieve this.”