DBS executes cross-border payments with end-to-end tracking in HK, SG
DBS has executed cross-border payments with end-to end tracking in Hong Kong and Singapore, utilizing Swift Global Payments Innovation (gpi). DBS says they are the first bank to do so in these markets.
According to DBS, corporates and SMEs can now find out the status of their cross-border payments in real-time, such as whether funds have been received by the beneficiary or whether the funds are still being processed. They will be able to know the amount being credited into the beneficiary account, foreign exchange rate applied and time taken for funds to be credited.
The tracking on Swift gpi is based on a Unique End-to-end Transaction Reference number (UETR) assigned by the originating bank. This UETR enables real-time tracking of the status of the cross-border payment. In addition, a faster turnaround time for cross-border payments can be expected, as banks using Swift gpi are governed by service-level agreements and are required to process transactions within four hours.
Navinder Duggal, group head of cash product management, DBS Bank says, “The banking industry has achieved a major milestone with Swift gpi going live. DBS, being an early adopter of Swift gpi in Asia, sees gpi as an important step towards improving the customer experience for cross-border payments. We are pleased to make banking more expedient for our corporate and SME customers.”
Eddie Haddad, managing director of Swift Asia-Pacific says, “Swift gpi is the biggest thing to happen to correspondent banking in 30 years. Since its go-live, the global financial industry has been fully committed and service adoption is growing fast. In collaboration with DBS and other members of our community, Swift gpi solves the inherent process challenges in cross-border payments today and this will prove to be a new world for corporates.”
13 Sep 2017