DBS introduces real-time digital cross-border incoming payment tracking for all corporate and SME clients.
ENPNewswire-September 14, 2021--DBS introduces real-time digital cross-border incoming payment tracking for all corporate and SME clients
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Release date- 13092021 - First bank in India to launch SWIFT gpi incoming notification with real-time incoming payments visibility and management.
Close to 4000 corporate and SME clients in India to benefit from the feature at no additional cost
Feature to enhance working capital forecasting and visibility on the global cash position
DBS has launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi). DBS is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4000 corporate and SME clients in India, with numbers expected to grow further.
The new DBS SWIFT gpi incoming tracking will arm corporate treasures with better cash forecasting by receiving the end-to-end tracking information, which was not possible a few years ago. Corporates 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.
Divyesh Dalal, Head - Global Transaction Services, DBS Bank India, said, 'At DBS, we are committed to empowering our customers with innovative digital solutions to bring efficiency in their business and achieve scale. Our 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 optimising 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.'
'The globalisation 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...
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