DBS has joined hands with SWIFT Global Payments Innovation (gpi) to launch real-time online tracking for cross-border collections for businesses in India in partnership with, said the bank.
In its official communique, the bank stated that it is the first lender in India and Asia-Pacific to provide this facility to its clients, which is likely to offer benefit to close to 4,000 corporate and small business clients in India, with numbers expected to grow further.
It said that the corporates can get the 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 says that the facility will help improve the accuracy for intraday credit line needs and provides further benefits in supporting credit control.
Divyesh Dalal, Head, global transaction services, DBS Bank India, said, its incoming payment tracking capability, supported by SWIFT gpi, offers 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.
Kiran Shetty, head of India and South Asia at SWIFT said, “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.