Wed, Oct 21, 2020 – 9:27 AM
DBS has launched a solution for corporate clients in Singapore and Hong Kong to track cross-border collections in real time, providing them with greater digital convenience.
More than 240,000 DBS corporate and small and medium-sized enterprises will be the first to utilise the solution, which is powered by Swift Global Payments Innovation (gpi), the bank said on Wednesday.
DBS targets to expand this offering to its other core markets in China, India, Indonesia, Taiwan and Vietnam in the coming months.
The latest move builds on the bank's launch of a real-time digital cross-border payment tracking solution in 2018.
According to DBS, its market share of Swift cross-border payments across its core markets increased by 4 per cent year on year.
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Raof Latiff, DBS's group head of digital for institutional banking, said the 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," he added.
Eddie Haddad, managing director for Asia-Pacific at Swift, said the new online inbound gpi capability will give corporates "more control of their entire payment flows".
Traditionally, the tracking of cross-border collections tends to be highly manual, where corporates often rely on a copy of Swift message from the remitter, which confirms that their remittance instruction has been processed by their bank. For interim updates, corporates have to depend on their bank or the remitter to find out the latest status of the transfer across multiple banks, which may be tedious, costly and time-consuming, DBS said.
With the bank's Swift gpi solution, corporates can log into its online corporate banking portal, DBS Ideal, to get instant updates on where the incoming funds are in the cross-border payment chain, DBS noted.
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