DBS Bank in India has announced a partnership with SWIFT to help businesses and small companies with real-time cross-border payment tracking that is expected to help 4000 small businesses to plan for their expenses and better manage their capital flow.
Now, the corporates would be able to track the payments sent to them and they would also be able to track it which means that they would be able to better manage their cash reserves and arrange for credit, if and when needed. This is a system that has been one of the long-pending demands of the corporates as sometimes the payments get delayed or even lost, in certain cases, and so it would be helpful if they were able to track the payments meant for them. The business would be intimated immediately once payment is initiated by a sender and they would be transparent to the business right till it reaches them.
It makes FX and working capital management more predictable, thus reducing costs and optimizing cash flow. Coupled with our digital solutions for cross-border payments, regulatory documentation management, and FX, we strive to deliver the best platform for cross-border transactions to our customers. These solutions make banking simpler and effortless, giving customers more time to focus on their business,” said Divyesh Dalal, head (global transaction services), DBS Bank India.
It is reported that this service is available to all corporate accounts by default and it is also free of charge and the idea is not only to make it transparent but also make it quick, reliable and hassle-free, and as user-friendly as possible so that the businesses need not waste their time in trying to find where their payments are. This has become crucial in the new banking and financial world where everything is digitalized and so the users also expect a high level of transparency and reliability about their transactions. This has literally forced many banks to follow suit and give up their legacy systems and see how they would be able to satisfy their users by ensuring quick and reliable processing of payments.
Cross-border payments have long been a pain point in the payments cycle for corporates especially in countries like India and any initiative or upgrade that would help to address this problem is likely to be welcomed by the corporates.