IDFC First Bank has joined forces with Swift GPI to provide real-time tracking for international money transfers. This advancement allows customers to follow their cross-border payments live, filling a longstanding gap in overseas transaction tracking.
Chinmay Dhoble, Head of Retail Liabilities and Branch Banking, IDFC First Bank, stated that the Swift GPI integration is part of the Bank’s drive to use advanced technology to transform banking, giving the customers complete visibility of cross-border transactions, ensuring convenience and peace of mind.
IDFC First Bank now enables customers to track overseas transactions under the RBI’s Liberalised Remittance Scheme (LRS) for various purposes, including family support, education, and investments.
Customers will receive real-time status updates, including alerts for issues like missing recipient information that may interrupt the transfer, allowing for swift resolution. This service is provided by the bank with no processing fees.
