IDFC FIRST Bank Introduces Real-Time Tracking for International Money Transfers

resr 5paisa Research Team

Last Updated: 6th November 2024 - 03:46 pm

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IDFC FIRST Bank has introduced a pioneering feature in India, offering real-time tracking for international money transfers. Partnering with Swift, this new service is accessible via the bank’s mobile app and online banking platforms.

Chinmay Dhoble, Head of Retail Liabilities & Branch Banking at IDFC FIRST Bank, highlighted that this tracking capability empowers customers by enabling them to oversee their cross-border transactions with enhanced convenience.

Kiran Shetty, CEO and Regional Head for Swift in South Asia, remarked, “IDFC FIRST Bank is the first Indian bank to activate GPI over APIs in the region. This innovation facilitates near real-time payment tracking, enhancing transparency and efficiency in international transfers. Since the 2017 launch of GPI, our mission has been to improve cross-border payment speed and transparency for better customer experiences.”

The service operates under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), allowing resident individuals to transfer funds abroad for purposes like education, medical expenses, and investments. Additionally, Non-Resident Indians can make transfers from their NRO/NRE accounts through the bank.

With the Swift GPI plugin, customers can now monitor their funds’ progress, receiving real-time updates that indicate whether the money is en route or credited to the recipient’s bank. It also notifies users of any issues, such as incorrect receiver details, enabling prompt action to resolve them.

The bank provides this 24/7 tracking feature as a free service, integrated with its Pay Abroad function, and does not impose processing fees.

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