Customers in India are used to digital payments through UPI or IMPS with real-time status updates and traceability on digital platforms. However, the same has been missing when it comes to money sent abroad. With customers expecting end to end tracking of their food delivery or even a parcel, IDFC FIRST Bank has pioneered in providing the same for a critical service like cross-border payments.
Speaking about this integration, Mr. Chinmay Dhoble, Head Retail Liabilities & Branch Banking, said, "The introduction of Swift GPI services is a reflection of our dedication to embracing advanced technologies and transforming the banking industry. With real-time tracking, we are empowering our customers to have complete visibility of their cross-border transactions, ensuring enhanced convenience and satisfaction."
Mr. Kiran Shetty, Chief Executive Officer and Regional Head at Swift, said, “We congratulate IDFC FIRST Bank for becoming the first Indian bank to go live on GPI over APIs in South Asia with zero-footprint API connectivity. 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 customer experience in cross-border payments by increasing speed and transparency, while providing end-to-end traceability of cross-border payments. By providing the full functionalities of the GPI tracker to its customers via APIs, IDFC Bank will bring a brand-new customer experience to its mobile and internet banking clients.”
RBI permits resident individuals to send money abroad under the Liberalised Remittance Scheme (LRS) for various purposes like Maintenance of Close Relatives, gift, Education, Medical, Investment in property/equity overseas, etc. Non-Resident Indians are also allowed to transfer funds overseas out of their NRO/NRE account, completely digitally by IDFC FIRST Bank. The Swift GPI plugin offers IDFC FIRST Bank customers a simplified and informative experience while tracking all such money transfer overseas. The tracker pinpoints the exact status of funds whether it is in transit or credited to the recipient bank. It also displays the status in case of an unforeseen event for example - due to incorrect or insufficient receiver information. This helps the customer take quick action to resolve the issue. IDFC FIRST bank is providing this 24/7 tool as a complimentary service along with Pay Abroad, no processing charges shall apply.
IDFC FIRST Bank's decision to implement Swift GPI services aligns with its mission to constantly innovate and provide cutting-edge solutions to its customers. With this landmark achievement, the bank demonstrates its commitment to staying ahead of the curve and delivering exceptional banking experiences.
