- DBS, a leading bank, has said that it will work with SWIFT’s Global Payment Innovation service to offer a new real-time payments tracking function for around 4,000 business clients in India and the wider region.
- The company said that it expects this number to rise as time goes on, and that there are significant benefits to using the service.
- “It makes FX and working capital management more predictable, thus reducing costs and optimizing cash flow,” said a senior DBS figure.
DBS, a leading bank in the Asia-Pacific and India region, has confirmed that it will begin to offer an instant payments service to clients following a new partnership.
The bank said that it will provide real-time tracking services for international money transfers made on a business level in India.
It will do so by pairing up with SWIFT, which offers a service called Global Payments Innovation (gpi).
It is expected that the service will assist around 4,000 business clients in the area, with that figure expected to rise in the future.
DBS has promised that corporate organisations will be able to monitor incoming payments by increasing the levels of transparency around them.
This will in turn help businesses to manage their credit needs and forecast their cash flow needs.
In a statement, a senior figure at DBS Bank India outlined the benefits of using the new service.
Divyesh Dalal, the head of global transaction services, said that these benefits included predictability in terms of capital management and the ability to optimally manage cash flow.
“It makes FX and working capital management more predictable, thus reducing costs and optimizing cash flow,” he explained.
He added that the new service sits well alongside the company’s own suite of digital solutions.
“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,” he said.
“These solutions make banking simpler and effortless, giving customers more time to focus on their business.”
SWIFT’s head of India and South Asia said that companies would be able to use the new service to determine when a payment was coming.
Kiran Shetty explained that this would have a positive effect on the level of friction and operational costs.
“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.”
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