Singapore-based DBS Bank has launched a new service that will enable corporates and SMEs track their cross-border payments in real-time.

The new service is made possible by SWIFT’s new technology called SWIFT Global Payments Innovation (gpi).

The bank said that its new offering will allow customers to track in real-time if funds have been received by the beneficiary, amount credited into the beneficiary account, foreign exchange rate, and time taken for an amount to be credited.

SWIFT gpi’s mandate to process cross-border payments within four hours will also expedite the turnaround time for payments, DBS noted.

DBS Bank group head of cash product management Navinder Duggal said: “DBS, being an early adopter of SWIFT gpi in Asia, sees gpi as an important step towards improving the customer experience for cross-border payments. We are pleased to make banking more expedient for our corporate and SME customers.”

SWIFT Asia Pacific added: “In collaboration with DBS and other members of our community, SWIFT gpi solves the inherent process challenges in cross-border payments today and this will prove to be a new world for corporates.”

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