CFA Society Singapore
SINGAPORE (Apr 23): DBS announced that it has launched real-time cross-border payment tracking for more than 200,000 of its corporate and SME clients in Singapore and Hong Kong at no additional cost.
DBS’ Singapore and Hong Kong clients will be the first in Asia to tap into this digital solution, which is powered by SWIFT Global Payments Innovations (gpi).
This will be rolled out to the bank’s clients China, India, Indonesia and Taiwan over the next few months.
The DBS SWIFT gpi solution will allow customers to trach the status of their cross-border payments instantly, online without the need to call the DBS corporate call centre.
All they would need to do is log into the bank’s corporate online banking platform, DBS IDEAL, and they can find out whether the funds have been received by the beneficiary, where the funds are in the cross-border payment chain.
Meanwhile, DBS business clients making cross-border payments to other DBS accounts across its network benefit from instant transfers in six markets, leveraging DBS’ Asian connectivity. Called DBS PriorityPay, the value of transactions through this service has increased year-on-year by 60%.
Navinder Duggal, group head of cash product management at DBS says, “When it comes to processing cross-border payments, corporate treasurers tell us that they want faster and more efficient payments. The DBS SWIFT gpi solution gives companies online visibility when tracking payments across more than 48 gpi banks across the globe and this is set to increase as more banks come on board.”
“Corporate cross-border payment volumes have increased by 25% in the last 12 months. Today one in four of all cross-border transactions are received by their beneficiaries in less than two hours, and we expect these volumes to rise,” adds Duggal.
SWIFT conducted a survey and found that 86% of treasurers are looking for efficient payment processes and effective customer support when choosing a bank for cross-border payments.
The survey also found that businesses wanted underlying challenges of payment tracking and speed with cross-border payments solved without the need to deploy expensive solutions and resources.