DBS China launches real-time tracking service for Inward Remittance for corporate | 简体

China.20 Oct 2021

The 1st bank in Asia to provide a real-time tracking service of Inward Remittance (ITT), to know ITT status at any time at no additional fee

China, 20 Oct 2021 - DBS Bank (China) Co., Ltd. recently launched a real-time online tracking of cross-border collections to provide greater convenience for its corporate clients DBS Group is the first bank in Asia to launch this service.

In international settlement, it is not easy to track cross-border collections because companies usually need to receive a copy of the payer's SWIFT message to confirm that the payer’s Bank has remitted funds out. Companies also need to rely on their receiving banks or remitters (through the remitter's Bank) to update the status of funds in transit. However, Inward Remittance across multiple intermediate banks is more intricate and consuming time.

Lately DBS Bank launched a real-time online tracking service of Inward Remittance supported by SWIFT gpi, which can solve this problem for corporate customers. Now, DBS’ corporate and SME clients are able to view the real-time update of the whole ITT process for free in DBS Online Banking (IDEAL), which is as convenient as tracking delivery packages. If there are any banks making Cross-border payments to DBS corporate customers and sending MT103 (remittance messages), corporate customers will be notified timely through DBS Online Banking and can track the funds in transit in real time to know their location in the payment chain, which is very convenient as tracking the location of delivery packages. This innovation can improve the efficiency of cash forecasting, back to back payment and help corporates better manage their cash flow.

Based on the real-time online tracking service of Outward Remittance (OTT) launched by DBS Bank in 2018, corporate customers can self-check the real-time update for the whole process of ITT and OTT through DBS Online Banking, they can get a fast, transparent and traceable gpi ITT and OTT experience for free, there are also no additional application and settings required. Therefore, many corporate customers have positive responses for this service.

Mr. Chen Tongshi, CFO of United Steel Precision Technology (China) Co., Ltd. said, “Cash flow is the lifeblood of an enterprise. A timely status update for cross-border collections can help us make cash forecasting. DBS put the tracking of Inward remittance in the Online Banking for customer to self-check, which is very convenient and greatly improves our efficiency. Our salespersons don’t need to chase the foreign buyers and their remittance banks as before, don’t need to frequently ask "Has the remittance been sent out? Where are the funds?’. Now our salespersons track the inward remittance like tracking their express delivery, and they just login DBS’s Online Banking then know the status of funds in transit.

Mr. Chum Wei Wei, Managing Director of Global Transaction Services in DBS Bank (China) Co., Ltd said, “In today’s business environment, real-time tracking of cross-border receivables and payments is very important, because it can help companies improve working capital management and promote the trust of overseas counterparties, can let the companies enjoy the benefits of more digital and electronic products’.