New Delhi: New Delhi: IDFC First Bank on Tuesday launched real-time tracking for international money transfers, the bank said in an official statement. The bank also said that it has become the first bank in India to offer real-time tracking service for funds sent abroad in collaboration with SWIFT. According to the bank's statement, this new feature, powered by the SWIFT Global Payments Innovation (GPI) platform, allows customers to track foreign payments through the bank's mobile app and internet banking platform. It said that traditionally, Indian customers have become accustomed to instant status updates and tracking for digital payments within the country, thanks to platforms like UPI and IMPS. However, such experience has been missing for international transfers. This feature enables customers to track the exact status of funds being transferred abroad, providing transparency and peace of mind. “The launch of SWIFT GPI services is a reflection of our dedication to adopting advanced technologies and transforming the banking industry. With real-time tracking, we are enabling our customers to have complete visibility of their cross-border transactions, thereby Ensuring increased convenience and satisfaction” said Chinmay Dhoble, Head Retail Liabilities and Branch Banking.
The new tracking service is particularly useful under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India (RBI), which allows resident individuals to remit money abroad for various purposes including family maintenance, education, medical expenses and investment in property or equity. Non-resident Indians (NRIs) can transfer money from their NRO/NRE accounts abroad through IDFC First Bank's digital platform, the bank said.
Using the SWIFT GPI plugin, bank customers can see if their funds are in transit, deposited at the recipient bank, or if any issues have occurred, such as incomplete or incorrect recipient information. This detailed tracking helps customers take quick action when necessary to resolve any issues, making cross-border payments more efficient and secure.
As a complimentary service through the “Pay Abroad” facility, the Bank offers this 24/7 tracking tool without any processing charges, setting a new benchmark for banking convenience in India. Kiran Shetty, Chief Executive Officer and Regional Head, SWIFT, said, “With this, the bank will now be able to provide near real-time tracking of payments to its customers. We launched GPI in 2017 to improve the customer experience in cross-border payments. “, which increases the speed and transparency, as well as provides end-to-end traceability of cross-border payments.”
Comments are closed.