DBS Bank partners with SWIFT to launch real-time cross-border payment tracking

DBS has launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi), the bank said on Monday.

DBS said it is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4,000 corporate and small business clients in India, with numbers expected to grow further.The service can be availed using the bank’s corporate online banking platform ‘DBS IDEAL’.

DBS is the first bank in India and Asia-Pacific to offer this service to corporate clients, at no additional cost.The new inbound tracking service by DBS Bank will allow corporates customers to see when a payment is on its way and when it is arriving at the beneficiary, which in turn will reduce operational costs and inefficiencies.