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DBS Bank launches real-time cross border transaction facility

DBS BankCorporate clients of DBS Bank in India will now be able to benefit from better cash flow visibility through real-time cross-border payment tracking of all their commercial payments. The bank has already introduced such a system in Singapore and Hong Kong and India is the third country. It is powered by SWIFT Global Payments Innovation (gpi), which enables the bank’s clients to experience total transparency and speed for their transactions. Roshan Mathew, head of Global Transaction Services at DBS Bank India said the DBS SWIFT gpi solution gives the corporate clients online visibility to track payments across 62 gpi banks across the globe and this is set to increase as more banks come on board. The SWIFT gpi leverages innovations into existing robust cross border payments infrastructure provided by SWIFT. DBS Bank is providing the service through its DBS IDEAL, which is the corporate online banking platform and it will enable clients to find out whether the full amount of funds has been received by the beneficiary, the foreign exchange rate applied, and where the funds are in the cross-border payment chain.

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