IDFC FIRST Bank Introduces Real-Time Tracking for International Transfers
IDFC FIRST Bank has launched a new service that allows customers to track international money transfers in real-time. This makes it the first bank in India to offer such a feature, in partnership with Swift. The service is powered by the SWIFT Global Payments Innovation (GPI) platform and is available through the bank’s mobile app and internet banking.
Enhanced Customer Experience
Traditionally, Indian customers have enjoyed instant updates for domestic digital payments via platforms like UPI and IMPS. However, similar tracking for international transfers was not available until now. This new feature provides transparency and peace of mind by allowing customers to see the exact status of their funds being transferred abroad.
Statements from Bank Officials
Chinmay Dhoble, Head of Retail Liabilities & Branch Banking, stated, “The introduction of Swift GPI services reflects our commitment to advanced technologies and transforming the banking industry. Real-time tracking empowers our customers with complete visibility of their cross-border transactions.”
Benefits Under RBI’s Liberalised Remittance Scheme
The service is particularly beneficial under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), which permits residents to send money abroad for various purposes. Non-resident Indians (NRIs) can also use this service to transfer funds from their NRO/NRE accounts.
Features and Advantages
Using the SWIFT GPI plugin, customers can track if their funds are in transit, credited, or if there are issues like incorrect recipient information. This helps in resolving problems quickly, making cross-border payments more efficient and secure. The “Pay Abroad” feature offers this tracking tool 24/7 without any processing charges.
Industry Impact
Kiran Shetty, CEO and Regional Head at Swift, mentioned, “We launched GPI in 2017 to enhance customer experience in cross-border payments by increasing speed and transparency.” This development sets a new standard for banking convenience in India.
Doubts Revealed
IDFC FIRST Bank -: IDFC FIRST Bank is a bank in India that offers various financial services like savings accounts, loans, and now, international money transfers.
Real-Time Tracking -: Real-time tracking means you can see the status of your money transfer instantly, just like tracking a package online.
International Money Transfers -: International money transfers are when you send money from one country to another, like sending money from India to the USA.
Swift -: Swift is a global network that banks use to send money and information securely across countries.
SWIFT Global Payments Innovation -: SWIFT Global Payments Innovation is a service that makes international money transfers faster and more transparent.
RBI’s Liberalised Remittance Scheme -: The RBI’s Liberalised Remittance Scheme allows Indians to send money abroad for things like education, travel, and gifts, up to a certain limit.
24/7 -: 24/7 means the service is available all the time, every day, without any breaks.
