- DBS, which is based in Singapore and is a well-known financial services provider there, will now offer its customers a new cross-border payment tracking feature.
- Business customers in Singapore and in Hong Kong will be able to track their international money transfers first with instant, real-time updates – and other countries are on the list for expansion.
- The aim is to allow firms to develop a more streamlined approach to their supply chains thanks to the added transparency and information that the feature offers.
Singapore-based financial services provider DBS has announced the arrival of a cross-border payment tracking service.
The firm said that it will be offering the service, which provides instantly updated information about the status of international money transfers, to its customers.
It said that around a quarter of a million of its customers will experience the new service first.
These are believed to be clients on the firm’s small to medium-sized enterprise and corporate-level customer list.
It will be customers in Hong Kong and Singapore who will benefit first.
The firm said that there will be no extra cost associated with the service.
The new technology is designed to allow firms to free up their business processes a little and enable companies to be more agile.
Firms can, for example, send goods that customers have paid for more quickly given that they have more information about the incoming payment.
From there, they can design better supply chains and ensure that they have the requisite amounts of stock for their needs.
Firms such as the fashion company Zilingo, which is based in Singapore, have already benefited from the development.
DBS said that it intends to roll out the service to a variety of other major Asian economic powerhouses across the rest of the year.
This list is understood to include India, China, Vietnam and others.
In a statement, a senior figure at DBS said that there will be real benefits for users.
Raof Latiff, who serves as the group head of digital for institutional banking at DBS, said that it will assist business customers with their cash flow and capital management work.
“The importance of enabling real-time tracking of cross-border payments and collections amid the landscape we operate in today cannot be underplayed as it helps businesses improve their working capital management and fosters trust with overseas counterparties,” he said.
He also rooted the development against the ongoing backdrop of the coronavirus pandemic, pointing out that firms were more likely to recover if they had tools like these on side.
“This in turn helps improve supply chain efficiencies and encourages economic growth, enabling countries to bounce back faster from the pandemic,” he explained.
DBS describes itself as “Asia’s safest bank”, and is well known on the Singaporean financial services scene.
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