Strap: DBS Bank India has become the first bank in India to launch SWIFT gpi incoming notification with real-time incoming payments visibility and management.
Copy: DBS Bank India has launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi). DBS India is the first bank in India and Asia Pacific to offer this service to clients, which is expected to benefit close to 4000 corporate and SME clients in India.
The new DBS SWIFT gpi incoming tracking will arm corporate treasures with better cash forecasting by receiving the end-to-end tracking information, which was not possible a few years ago, the bank said.
Corporates can gain visibility over incoming payments now, helping with working capital management by planning back-to-back payments, thereby improving receivables forecasting and overall cash position, it added.
This also helps improve accuracy for intraday credit line needs and provides further benefits in supporting credit control.
Divyesh Dalal, Head – Global Transaction Services, DBS Bank India, 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. These solutions make banking simpler and effortless, giving customers more time to focus on their business.”
“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,” added Kiran Shetty, Head of India and South Asia, SWIFT.
The feature has been introduced across 7 DBS markets, including India, Singapore, Hong Kong, China, Taiwan, Indonesia and Vietnam. Previously, DBS was also the first bank to launch outbound payments with end-to-end tracking with SWIFT gpi, the bank said.
