More than 4,000 of DBS’ corporate and SME clients will now be able to benefit from improved cashflow visibility through real-time cross-border payment tracking through DBS IDEAL™ corporate internet banking from DBS Indonesia.
DBS Corporate Clients and SMEs in Indonesia are the first customers to be able to tap into this digital solution at no extra cost, because DBS Indonesia is the First Bank in Indonesia that have SWIFT Global Payments Innovation (GPI) capability.
Iwan Rusli, Head of Global Transaction Service DBS Indonesia, said that “As more companies are starting to grow their business globally, the necessity for cross-border payments are also increasing. Therefore, the requirement to monitoring the transactions in real-time, transparent and enriched with information will also increase significantly”.
Iwan Rusli said, “The ease-of-use from SWIFT gpi could simply starts by logging-in to DBS IDEAL™, our corporate internet banking platform, where payment transaction status could be monitored directly via the available gpi Tracker. Transferred fund position will be instantly known, wherever it is; is it still in-process, or already being received by the beneficiary. This is transparent, which is the main principle of SWIFT GPI”.
Atul Bhuchar, Group Payments Head, Global Transaction Services, DBS said: “We are pleased to launch this digital, customer-centric payments solution in Indonesia. The transparency and higher velocity of cross-border payments coupled with the convenience provided by this online solution, is driving productivity and supply-chain efficiencies for our clients across Asia.”
"GPI SWIFT has achieved tremendous success in ASEAN, and we are proud to say that DBS Indonesia is the first bank in Indonesia that has been equipped with SWIFT tracker capability. SWIFT makes payment faster, more transparent and easier to track. These things will then contribute to increasing the flow of investment and trade between Indonesia and its neighbors, and lead to financial integration in the ASEAN region. "Johan Sidarno, SWIFT Country Manager in Indonesia.
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, Hong Kong, India, Taiwan and now, Indonesia. 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.