DBS Bank, in conjunction with SWIFT Global Payments Innovation, is offering up-to-the-minute online tracking for cross-border payments, the company announced in a Monday (Sept. 13) press release.
In all, roughly 4,000 corporate and small business customers in India, Singapore, Hong Kong, China, Taiwan, Indonesia and Vietnam are expected to benefit from the new addition, which features improved cash projections, as well as receivables forecasting.
“The globalization 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,” said Kiran Shetty, SWIFT head of India and South Asia. “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 service is available at no cost for all corporate customers through the DBS IDEAL online corporate banking portal. After logging in, customers receive a notification when a payment is initiated to the DBS account and upon transaction confirmation. Customers can also track incoming funds in the cross-border payment chain across multiple geographies.
The collaboration comes on the heels of SWIFT’s launch of SWIFT Go, a service that transmits instant cross-border payments globally from a user’s bank account, according to PYMNTS. In July, seven global banks with a combined 33 million cross-border transactions annually went live with the service.
See also: SWIFT Intros Fast Cross-Border Payment Service
Prior to the SWIFT Go launch, the company debuted a service that allows banks to check a beneficiary’s account information before payment. The move was aimed at furthering the company’s mission of offering “instant and frictionless transactions globally.”
Related: Swift Eases X-Border Friction By Letting FIs Check Recipient Info
Looking ahead, SWIFT plans to launch a new transaction management platform in November 2022, according to PYMNTS. To date, six international banks — Citi, Bank of New York Mellon, Deutsche Bank, BNP Paribas, Standard Chartered and Bank of China — have endorsed the upcoming platform.
Read more: Big Banks Endorse SWIFT’s Global Transaction Management Platform
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