DBS pilots online tracker for cross-border corporate collections

Clients in Singapore and Hong Kong will be the first to try the service.

DBS is launching a real-time online tracker for cross-border collections for its global corporate clients, a statement read.

Powered by SWIFT Global Payments Innovation (gpi), more than 240,000 bank corporate and SME clients in Singapore and Hong Kong will be the first to benefit from the service for no additional fee.

Corporate clients will need to log into the bank’s online corporate banking portal, DBS IDEAL, to receive instant updates on where the incoming funds are in the payment chain.

In markets where regulations require additional information or supporting documents, clients can use DBS DigiDocs to transmit information and supporting documents digitally This solution is currently available in China, India, Vietnam, and will be piloted in Indonesia and Taiwan over the next few months.

DBS targets to expand the online tracker to China, India, Indonesia, Taiwan and Vietnam in the coming months.