DBS Bank India and TCIL Join Forces in Digital Payments
(5 June 2020 – India) DBS Bank India has partnered with Transport Corporation of India Limited (TCIL) to provide truck drivers with instant payments via an application programming interface (API) solution.
TCIL truck drivers will now receive an instant credit into their bank account, which they can then swipe at terminals or withdraw cash using ATMs. Prior to this, advanced payments to the truck drivers for expenses such as fuel requirements and payment at tolls were primarily made by cash or prepaid cards, resulting in physical engagements and unwarranted delays.
This solution has been set up under the aegis of National Payments Corporation of India (NPCI). DBS RAPID (real-time APIs by DBS) and UPI payments provide a seamless integration with the company's Enterprise Resource Planning (ERP) system.
"At TCIL, we have immense focus on customer-centric approach and State-of-Art technology. The DBS RAPID solution has strengthened internal controls, reduced our cost, and increased our pace of business. We are proud to have partnered with DBS Bank, which has enabled us to contribute to digital India in a meaningful way and drive India towards a digital economy," said TCIL Group CFO Ashish Tiwari.
“DBS RAPID can be seamlessly integrated into our corporate customers' systems or platforms, to facilitate payments and banking transactions in real-time. In the case of TCIL, it enables truck drivers to live hassle-free and manage their expenses with ease, thereby aligning with our commitment to supporting lives and livelihoods,” said DBS Bank India Head of Global Transaction Service, Divyesh Dalal.
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