Swift’s gpi powers DBS cross-border payments tracking debut
DBS says it is the first bank in the two countries to execute cross-border payments with end-to-end tracking, “helping corporates and SMEs become more efficient in their cash management”. In the past, DBS says such transactions were routed through multiple banks, with different processing times.
Navinder Duggal, group head of cash product management, DBS Bank, says the banking industry has “achieved a major milestone” with gpi going live and sees it as an “important step towards improving the customer experience for cross-border payments”.
DBS’s 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 time taken for funds to be credited.
The tracking on 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, DBS says customers can expect a faster turnaround time for their cross-border payments as banks using gpi are governed by service-level agreements and are required to process transactions within four hours.