IDFC FIRST Bank has become the first bank in India to introduce real-time tracking for cross-border money transfers, enhancing transparency and convenience for its customers. Developed in partnership with Swift, this new service is available on the bank’s mobile app and Internet banking platform, allowing customers to monitor their overseas transactions around the clock.
“With real-time tracking, we empower customers to monitor their cross-border transactions, enhancing convenience and satisfaction,” said Chinmay Dhoble, Head of Retail Liabilities & Branch Banking at IDFC FIRST Bank.
Kiran Shetty, CEO and Regional Head at Swift, commented, “IDFC FIRST Bank is the first Indian bank to go live on GPI over APIs in South Asia. This enables near real-time tracking of payments for customers. Since launching GPI in 2017, our goal has been to improve customer experience in cross-border payments by increasing speed and transparency.”
Through the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), residents in India can use IDFC FIRST Bank to send money abroad for purposes such as education, medical treatment, and investments. Additionally, Non-Resident Indians (NRIs) can transfer funds from their NRO/NRE accounts through the bank.
The Swift GPI tracking plugin gives real-time updates on the status of funds, indicating whether the money is in transit or has been credited to the recipient’s account. The tracker also alerts users to potential issues, such as errors in receiver information, allowing them to resolve problems swiftly.
Available as a complimentary service under the bank’s “Pay Abroad” feature, the 24/7 real-time tracker has no additional processing charges, providing a seamless experience for international transactions.
