As a pioneer in digital banking, DBS Bank (Taiwan) strives to create a simple and seamless banking experience for customers through innovative digital solutions.

DBS Bank (Taiwan) has launched SWIFT Global Payments Innovation (gpi) solution, making the bank the first bank in Taiwan to provide this enhanced capability to its clients. With real time tracking of cross border payments made available on its corporate online banking platform, DBS corporate clients are now able to access immediate, traceable and transparent information for their payments.

Sylvia Tao, Head of Global Transaction Services at DBS Bank (Taiwan) said, “As companies gradually expand their global business landscape, the frequency and demand for cross-border payments has grown rapidly. Traditionally, when companies do cross-border payments, the biggest pain point is that the payment information is not real time or transparent.”

“Traditionally, corporates have had to call the remitting bank to track, and wait for the bank to enquire from the intermediary banks if the clients want to confirm the status of cross-border payments. The process is not only lengthy but also complex. For clients, they need to allocate manpower resources to monitor these matters, which results in wasting time and reducing operational efficiency.” Sylvia said.

Sylvia explained, “With SWIFT gpi, clients need only login to DBS IDEAL™, the corporate online banking platform, to instantly check the status of payments and to know whether the beneficiary has received the funds. Such innovative services not only enhance the transparency of cross-border payments but also helps enterprises to improve the efficiency of working capital management.”

Atul Bhuchar, Group Payments Head, Global Transaction Services, DBS said: “Understanding our customers' job-to-be-done and their pain-points for cross-border payments enabled DBS to develop this truly digital solution, powered by SWIFT gpi. DBS customers in Taiwan can now leverage on this future-ready payments capability to strengthen relationships with their suppliers across the globe.”

Michael Moon, Head of Payments Markets, Asia Pacific, SWIFT added, “We are delighted to have DBS, one of Asia’s largest and most innovative banks, extend their SWIFT gpi services in Taiwanese marketplace. The introduction of gpi tracking services to corporates in Taiwan will help to address core business frictions in the cross-border payment process and offer full visibility over what is happening with a payment after it is sent and when it has been received. This will in turn lead to more efficient payments to end customers and vendors, shorter supply cycles and a decrease in FX risks.”

Worldwide there are around 150,000 payments a day worth USD 100 billion between banks that are live on gpi. The time taken for receipt of funds by the overseas beneficiary has come down from days to minutes or even seconds. DBS is the first bank in Asia to provide SWIFT gpi capability on corporate online banking platform - this was introduced first in Singapore and Hong Kong. Now, corporate and SME clients in DBS Bank (Taiwan) can also enjoy this innovative digital solution and leverage its convenience to bring more efficiency to their business operations.

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About DBS
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of its 26,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.

DBS Bank (Taiwan) Launches Real-Time SWIFT gpi Solution