DBS launches online tracking system for cross-border collections in Asia
By Edil Corneille
Singapore-based DBS Bank has announced that it is the first bank in Asia to launch real-time online tracking of cross-border collections to provide greater digital convenience to its corporate clients. In 2018, the bank started enabling businesses to track the status of cross-border payments in real-time and online.
Powered by SWIFT Global Payments Innovation (gpi), more than 240,000 DBS corporate and SME clients in Singapore and Hong Kong will be the first to benefit from real-time, online tracking of their cross-border payments and collections, for no additional fee.
“The importance of enabling real-time tracking of cross-border payments and collections amid the landscape we operate in today cannot be underplayed as it 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,” said Raof Latiff, Group Head of Digital for Institutional Banking, DBS Bank.
DBS reported that its market share of SWIFT cross-border payments across its core markets increased by 4 per cent year-on year.
Eddie Haddad, Managing Director, Asia Pacific, SWIFT said, “Our ethos at SWIFT is simple. In keeping with our vision of minimising friction for the ecosystem, optimising speed and ensuring integrity in cross-border transactions, we remain focused on accelerating growth in international payments. Recent developments in technology and a shift in customer expectations have led to disruption in the world we operate in. So now, more than ever, there is a need for the financial services community to band together to help corporates navigate the complexities and challenges of today’s business landscape. With the new online inbound gpi capability, corporates will gain the real-time visibility needed to give them more control of their entire payment flows.”
With the DBS SWIFT gpi solution, corporates can log into the bank’s online corporate banking portal, DBS IDEAL, to receive instant updates on where the incoming funds are in the cross-border payment chain.
Corporates can use DBS DigiDocs to transmit information and support documents digitally. This solution is currently available in China, India, Vietnam, and is expected to be launched in Indonesia and Taiwan over the next few months.
Following the launch of the online cross-border collections solution in Singapore and Hong Kong, DBS targets to expand this offering to its other core markets comprising China, India, Indonesia, Taiwan and Vietnam in the coming months.
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