Over 200,000 corporate and SME clients will be able to use the service.
DBS launched its real-time digital cross-border payment tracking for over 200,000 of its corporate and small to medium enterprises (SME) clients in Singapore and Hong Kong.
According to an announcement, the service is powered by SWIFT Global Payments Innovation (gpi). “DBS’ clients in China, India, Indonesia, and Taiwan will also be able to experience the same transaction transparency and speed in the next few months,” the bank added.
DBS head of cash product management Navinder Duggal noted corporate treasurers want faster and more efficient payments. “The DBS SWIFT gpi solution gives companies online visibility when tracking payments across more than 48 gpi banks across the globe and this is set to increase as more banks come on board,” he added.
“Corporate cross-border payment volumes have increased by 25% in the last 12 months. Today one in four of all cross-border transactions are received by their beneficiaries in less than two hours, and we expect these volumes to rise,” Duggal added.
With the new DBS SWIFT gpi solution, customers can now track the status of their cross-border payments instantly, 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 funds have been received by the beneficiary, where the funds are in the cross-border payment chain,” the bank added.
DBS also noted that one in four cross-border USD payments made by corporate and SME clients from Singapore and Hong Kong are benefitting from end-to-end visibility of their cross-border payments from origination to the receipt of funds by the beneficiary.
DBS’ business clients making cross-border payments to other DBS accounts across its network can make instant transfers in six markets through PriorityPay. DBS said the value of transactions through this service has grown by 60% YoY.
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