DBS clients get means to track cross-border payments in real time

Singapore

DBS Bank has launched a real-time digital cross-border payment tracking solution, allowing its clients in Singapore and Hong Kong to benefit from better cashflow visibility.

The solution, which is powered by Swift Global Payments Innovation (gpi), will also be extended to the bank's clients in China, India, Indonesia and Taiwan in the next few months.

Cross-border payments are becoming more commonplace as Asian businesses expand their supply chains globally, noted DBS group head of cash product management Navinder Duggal.

Corporate cross-border payment volumes have increased by 25 per cent in the last 12 months, he said.

Currently, a quarter of all cross-border transactions are received by their beneficiaries in less than two hours, and the bank expects these volumes to rise.

"When it comes to processing cross-border payments, corporate treasurers tell us that they want faster and more efficient payments," he said in a statement.

"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."

With the solution, customers can track the status of their cross-border payments online, without having to call the DBS corporate call centre.

Hong Kong-headquartered shipping conglomerate TCC Group is using the solution for its cash management needs.

Said TCC Group general manager in the finance and treasury division Tony Lam: "Efficient cash management has become much more important than in the past to shipping groups like TCC. By pioneering this new online initiative, DBS has enabled us to keep constantly ahead in the global marketplace."

DBS also offers its business clients another way to make instant cross-border payments to other DBS accounts in six markets. The value of transactions through this service, called DBS PriorityPay, has increased 60 per cent over the previous year, said the bank.

Payment network service Swift launched the gpi tracking service in May last year, allowing banks to see real-time tracking of payments. Banks also get same-day payment clearance and see fees upfront.

At that time, it said 110 transaction banks globally, which make up more than three quarters of all cross-border payments going through the Swift network, had signed up for the service. Asian banks that had signed up include top Chinese banks, DBS, OCBC and Standard Chartered Bank.