Corporates and SMEs in Singapore and Hong Kong can now track their cross-border payments via DBS, leveraging SWIFT Global Payments Innovation (gpi).
In the past, corporates and SMEs have struggled to track their cross-border payments as these transactions are routed through multiple banks, with different processing times.
Customers 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 even 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, customers can expect a faster turnaround time for their cross-border payments as banks using SWIFT gpi are governed by service-level agreements and are required to process transactions within four hours.
“The banking industry has achieved a major milestone with SWIFT gpi going live,” says Navinder Duggal, Group Head of Cash Product Management, DBS Bank.
Reactions from corporates have been positive. HTL International, one of the world’s leading manufacturers of leather sofas and leather upholstery hides with a presence in over 52 countries, makes cross-border payments on a daily basis. With this new service, HTL International is now able to make these payments faster and track them.
Serene Wong, Treasury Manager, HTL International said: “SWIFT gpi is a powerful capability which enables us to know where our remittances are across different banks across the globe. This provides transparency and visibility to our cross-border payments. We are looking forward to more banks quickly joining SWIFT gpi, so that we can then track all our TT payments using the power of gpi.”