FINANCIAL SERVICES | Staff Reporter, Singapore

DBS upgrades cross-border payments with real-time tracking

It will use SWIFT Global Payments Innovation (gpi).

DBS Bank implemented a cross-border payments system using SWIFT Global Payments Innovation (gpi) that has end-to-end tracking.

According to a press release, this will help corporates and small to medium enterprises (SMEs) become more efficient in cash management and end struggles with banks that have different processing times.

The new feature will allow customers to view the amount being credited into the beneficiary account, supplied with forex rate and time it took for the funds to be credited.

DBS said customers can also expect a faster turnaround time for cross-border payments as SWIFT gpi is governed by service-level agreements and required to process transactions within four hours.

Navinder Duggal, group head of Cash Product Management, DBS Bank said: “The banking industry has achieved a major milestone with SWIFT gpi going live. DBS, being an early adopter of SWIFT gpi in Asia, sees gpi as an important step towards improving the customer experience for cross-border payments. We are pleased to make banking more expedient for our corporate and SME customers.”

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