DBS employs SWIFT’s gpi to assist businesses track cross-border payments
(13 September 2017 – Asia) Hong Kong and Singapore based businesses are now able to track their cross-border payments via DBS, leveraging SWIFT Global Payments Innovation (gpi).
While previously corporates and SMEs may have found it difficult to track cross-border payments due to the involvement of multiple banks, customers can now find out the status of their payments in real-time.
Newly available details to clients include: whether funds have been received by the beneficiary or if they are still being processed; the amount being credited, foreign exchange rates applied and even time taken for funds to be credited.
The tracking on SWIFT gpi is based on a Unique End-to-end Transaction Reference number (UETR) assigned by the originating bank. This UETR enables real-time tracking of the status of the cross-border payment.
In addition, customers can expect a faster turnaround time for their cross-border payments as banks using SWIFT gpi are governed by service-level agreements and are required to process transactions within four hours.
Eddie Haddad, Managing Director of SWIFT Asia Pacific said: “SWIFT gpi is the biggest thing to happen to correspondent banking in 30 years; since its go-live, the global financial industry has been fully committed and service adoption is growing fast. In collaboration with DBS and other members of our community, SWIFT gpi solves the inherent process challenges in cross-border payments today and this will prove to be a new world for corporates.”
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