New Delhi [India], November 5 : IDFC FIRST Bank on Tuesday launched the real-time tracking for international money transfers, the bank stated in an official statement.
The bank also noted that it has become the first bank in India to offer a real-time tracking service, in association with Swift, for money sent abroad.
As per the statement by bank, this new feature, powered by the SWIFT Global Payments Innovation (GPI) platform, allows customers to track overseas payments through the bank's mobile app and internet banking platforms.
It noted 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, a similar experience for international transfers has been missing.
This feature enables customers to track the exact status of funds being transferred abroad, offering transparency and peace of mind.
"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" said Chinmay Dhoble, Head Retail Liabilities & Branch Banking.
The new tracking service is particularly useful under the Reserve Bank of India's (RBI) Liberalised Remittance Scheme (LRS), which allows resident individuals to send money abroad for a variety of purposes, including family maintenance, education, medical expenses, and investments in property or equities.
The bank stated that the Non-resident Indians (NRIs) can also transfer funds overseas from their NRO/NRE accounts through IDFC FIRST Bank's digital platforms.
Using the SWIFT GPI plugin, the bank customers can see if their funds are in transit, credited to the recipient bank, or if an issue has occurred, such as incomplete or incorrect recipient information. This detailed tracking helps customers take quick action if needed to resolve any issues, making cross-border payments more efficient and secure.
As a complimentary service through the "Pay Abroad" feature, the Bank offers this 24/7 tracking tool without any processing charges, setting a new standard for banking convenience in India.
"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" said Kiran Shetty, Chief Executive Officer and Regional Head at Swift.
This development highlights the new benchmark in India's banking sector for transparency and efficiency in cross-border payments.