DBS corporate and SME clients in Singapore and Hong Kong will be the first to benefit from real-time, online tracking of their cross-border payments and collections, without any additional costs.
DBS will be providing greater digital convenience to its corporate clients with the launch of real-time online tracking of cross-border collections powered by Swift's Global Payments Innovation (gpi), the bank announced on Wednesday in a statement.
Cross-border collections tracking is typically a manual process that relies on a copy of the Swift message from the remitter, which confirms their remittance instruction has been processed by their bank. With DBS' Swift gpi solution, customers only need to log into the bank’s online corporate banking portal to find out where the incoming funds are in the cross-border payment chain.
According to the bank, the market share of its Swift cross-border payments across its core markets increased by 4 percent year-on-year. DBS plans to expand this offering to China, India, Indonesia, Taiwan and Vietnam in the coming months.
Optimizing Capital Management
In the announcement, DBS highlighted how real-time tracking of cross-border payments and collections helps businesses improve their working capital management and fosters trust with overseas counterparties.
«This in turn helps improve supply chain efficiencies and encourages economic growth, enabling countries to bounce back faster from the pandemic,» Raof Latiff, DBS group head of digital for institutional banking, said.
