IDFC FIRST joins Swift GPI to track real-time cross border payments
By Gloria Mathias
IDFC FIRST Bank has joined forces with Swift to become the first Indian bank to offer a real-time tracking service for money sent abroad.
This functionality is available on the bank’s Mobile Application and Internet Banking platforms. This marks a milestone in the Indian banking industry, demonstrating the Bank’s commitment to delivering seamless and efficient banking solutions, reiterating its “Customer First” approach.
Chinmay Dhoble, Head of Retail Liabilities and Branch Banking at IDFC First Bank, said, “The introduction of Swift GPI services reflects our dedication to embracing advanced technologies and transforming the banking industry. With real-time tracking, we are empowering our customers to have complete visibility of their cross-border transactions, ensuring enhanced convenience and satisfaction.”
Kiran Shetty, CEO and Regional Head at Swift, said, “We congratulate IDFC FIRST Bank for becoming the first Indian bank to go live on GPI over APIs in South Asia with zero-footprint API connectivity. With this, the bank will now be able to provide near real-time tracking of payments to its customers. We launched GPI in 2017 to improve customer experience in cross-border payments by increasing speed and transparency while providing end-to-end traceability of cross-border payments. By providing the full functionalities of the GPI tracker to its customers via APIs, IDFC Bank will bring a brand-new customer experience to its mobile and internet banking clients.”
RBI permits resident individuals to send money abroad under the Liberalised Remittance Scheme (LRS) for various purposes, such as maintaining close relatives, gifts, education, medical care, and investment in property/equity overseas. IDFC FIRST Bank also allows non-resident Indians to transfer funds overseas out of their NRO/NRE account entirely digitally.
The Swift GPI plugin offers IDFC FIRST Bank customers a simplified and informative experience while tracking all such money transfers overseas. The tracker pinpoints the exact status of funds, whether in transit or credited to the recipient bank. It also displays the status in case of an unforeseen event, such as incorrect or insufficient receiver information.
IDFC FIRST Bank’s decision to implement Swift GPI services aligns with its mission to innovate and constantly provide solutions to its customers. With this landmark achievement, the bank demonstrates its commitment to staying ahead of the curve and delivering exceptional banking experiences.
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