The feature will make use of SWIFT Global Payments Innovation (gpi) technology, and help over 240,000 corporate and small and medium-sized business (SMB) clients in Singapore and Hong Kong with tracking cross-border payments and collections in real time. There won’t be any extra fees.
Usually, collecting cross-border payments is a manual process, with businesses waiting for a SWIFT message from the remitter confirming that the remittance instruction has been processed by the bank. Banks or remitters are also usually in charge of determining the most recent status of said transfer across numerous banks.
But with the DBS SWIFT solution, companies will have a much quicker way to view updates on where the funds are, once they log into the DBS Ideal corporate banking portal, the release says.
Raof Latiff, head of digital for DBS’ institutional banking division, said the move will help with boosting companies’ standings especially in the time of the pandemic.
“This, in turn, helps improve supply chain efficiencies and encourages economic growth, enabling countries to bounce back faster from the pandemic.”
DBS also plans to offer cross-border support in China, India, Indonesia, Taiwan and Vietnam as well in the next few months, the release says.
SWIFT announced a new program recently which purported to add more services for companies looking to send cross-border payments. The cooperative worked with over 20 banks on the new program, which builds on gpi and its existing high speed rails.
The improvements will include more streamlined services, with security added for every level of a transaction. Service between banks will be tightened and processing fees will be priced competitively, and there will be more transparency, with payments sent through the secure SWIFT network and cleared through the channels meant for international payments.