SINGAPORE - Companies big and small in Singapore and Hong Kong can now track their cross-border payments in real time via DBS, helping them manage their cash better.
In the past, corporates and SMEs have struggled to track their cross-border payments as these transactions are routed through multiple banks, with different processing times.
Customers can now find out, for example, whether funds have been received by the beneficiary or whether they are still being processed.
They will be able to know the amount being credited into the beneficiary account, the foreign exchange rate applied and even the time taken for funds to be credited.
This new service is made possible by a technology called Swift Global Payments Innovation (gpi), provided by Swift, the global provider of secure financial messaging services.
Customers can also expect a faster turnaround time for their cross-border payments as banks using Swift gpi are required to process transactions within four hours.
Reactions from corporates have been positive, DBS said.
HTL International, one of the world's leading manufacturers of leather sofas and leather upholstery hides with a presence in over 52 countries, makes cross-border payments on a daily basis.
Treasury manager Serene Wong said the new service helps her track the company's remittances across different banks across the globe.
"This provides transparency and visibility to our cross-border payments. We are looking forward to more banks quickly joining SWIFT gpi, so that we can then track all our telegraphic transfer payments."