Payments

SWIFT gpi

The Future of Cross-border Payments – Faster, Transparent and Traceable

SWIFT’s global payments initiative (gpi) service aims to transform the customer experience in making cross-border payments joyful. Corporates can now have the ability to access information through an end-to-end cross-border payments tracking in Singapore and Hong Kong. Offering a faster, transparent and traceable cross-border payments, our customers can benefit by having an even more efficient cash management with a faster turnaround time. With this new solution, corporates can now know the status of their cross-border payments in real time, such as whether funds have been received by the beneficiary or whether the funds are still being processed. They will be able to know the amount being credited into the beneficiary account, foreign exchange rate applied and even time taken for funds to be credited to the beneficiary.

 

Key features include:

  1. Faster – Same-day use of funds for your cross-border payments.
    * Subject to the published cut-off timing of the receiving gpi bank
  2. Traceability – The payer has the visibility whether their supplier/beneficiary’s account has been credited.
  3. Transparency – The amount credited to the beneficiary and the FX applied is readily available, leading to a reduction in disputes and reconciliation issues.
  4. Rich Remittance Information – Enables payer to include up to 140 characters of remittance information to help the beneficiary know the payment details.

 

With SWIFT gpi, enjoy the transparency, speed and ability to trace your telegraphic transfers. To know the transaction status, you can simply check it yourself through DBS IDEAL or call our DBS Business Care.

FAQ

How fast will SWIFT gpi process the cross-border payments?

SWIFT gpi is governed by service-level agreements which requires to process or notify the status of your cross-border transactions within just 4 hours! Customers will experience faster turnaround time for their cross-border transactions.

How can corporates be entitled to use SWIFT gpi?

This capability is a default for our customers’ outgoing payments. All eligible cross-border payments will automatically be routed through gpi.

Which banks are participating for gpi?

For the list of participating banks (click here)

 

To know that Banks’ live status and certification (click here)

How do we trace the cross-border payments

DBS customers can trace their gpi transactions status through DBS IDEAL or by contacting the DBS BusinessCare Team.

Get in Touch

DBS BusinessCare: 2290 8068

Get in Touch

DBS BusinessCare: 2290 8068