1 min read.Updated: 13 Sep 2021, 11:52 AM ISTLivemint
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
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.
Corporates, it said, can gain visibility over incoming payments now, helping with working capital management by planning back-to-back payments, thereby improving receivables forecasting and overall cash position. It also helps improve accuracy for intraday credit line needs and provides further benefits in supporting credit control, the bank said.
Divyesh Dalal, head (global transaction services), DBS Bank India, said, its incoming payment tracking capability, powered by SWIFT gpi, brings transparency and visibility to corporate treasuries and SME businesses alike.
“It makes FX and working capital management more predictable, thus reducing costs and optimizing cash flow. 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. These solutions make banking simpler and effortless, giving customers more time to focus on their business," said Dalal.
According to Kiran Shetty, head of India and South Asia at SWIFT, the globalization of economies has meant a pressing need amongst corporates operating across jurisdictions, time zones and currencies, for full and real-time visibility of their international payments.
“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," said Shetty.