Indonesia's first cross border transaction tracking

Technological developments encourage the financial and banking sectors to carry out digital transformation to meet customer needs. As a bank that is committed to providing banking solutions and innovations, in early November 2020, Bank DBS Indonesia became the first bank in Indonesia to launch an online tracking system for cross-border incoming transactions for corporate customers. The service is a complement to the tracking system for outgoing transactions launched in 2018 to provide digital convenience for Bank DBS Indonesia’s corporate customers. 

DBS Incoming SWIFT GPI (Society for Worldwide Interbank Financial Telecommunication, Global Payment Innovation) is a DBS online tracking service supported by SWIFT, with the GPI providing up-to-date information on the status of incoming and outgoing transactions in real time, at no additional cost. DBS Incoming SWIFT GPI service ensures faster, traceable and transparent cross-border transactions. GPI’s digital capabilities allow corporate customers to track and have more control over their entire payment flow in real time. 

"Technological developments and the growing needs of customers have encouraged Bank DBS Indonesia to continue making digital innovations to face the complexities and challenges of today. Previously, customers had to go through a manual and lengthy process to get the latest status of an Incoming Telegraphic Transfer transaction. DBS Incoming SWIFT GPI will simplify and speed up the process by enabling customers to track transactions in real time, transparently and informatively through our internet banking service, DBS IDEAL, wherever they are and whenever they want," said Executive Director, Head of Global Transaction Services, PT Bank DBS Indonesia, Iwan Rusli. 

In the past, cross-border tracking was a time-consuming process done manually at a high cost. In the process, corporations relied on copies of SWIFT messages from senders as evidence that their funds had been processed by banks. To find out about the current status of transactions, corporations must depend on their banks or sending banks. On the contrary, DBS Incoming SWIFT GPI service has three advantages, namely traceable, transparent, and complete. Money transfer information can be completed quickly, delivery status can be accessed by all parties, and every transaction can be tracked in real time. 

“SWIFT GPI has set a new standard for cross-border transactions by offering speed, accuracy and cost transparency, which is an advantage for corporations. The globalisation of trade transactions not only requires a more efficient transaction process, but should also simplify supply chains and speed up transactions in a matter of minutes. We are proud to work with Bank DBS Indonesia in launching DBS SWIFT GPI. Indonesian corporations can now track their cross-border transactions from start to finish, so they can optimise their liquidity and make better financial plans,” said Country Manager Indonesia, SWIFT, Johan Sidarno. 

With an easy-to-track and transparent flow of incoming transactions, corporations can now manage their finances effectively and fulfil commercial obligations quickly, such as delivering goods as soon as they receive proof of payment from family and friends overseas, optimising inventory and cash cycles, and building a more efficient supply chain. DBS Incoming SWIFT GPI service is integrated with internet banking for corporate customers, namely DBS IDEAL, to make it easier for customers to access existing features. 

PT Garudafood Putra Putri Jaya Tbk, a food and beverages company, one of the customers, said, “DBS IDEAL's newest service, the Incoming SWIFT GPI, is an effective innovation in tracking incoming funds from telegraphic transfer transactions to our accounts. As transactions can be tracked in real time, digitally, and independently, we have full visibility of transactions made by senders and can track incoming transactions. The manual process we had to go through was also reduced, thus increasing the work efficiency of our employees. With this transformative approach taken by Bank DBS Indonesia, we believe that our transaction activities will be easier so that working capital management can be more effective and enhanced in the future," said Head of Finance, PT Garudafood Putra Putri Jaya Tbk, Yuliana Kusuma. 

Prior to its introduction to corporate customers in Indonesia, DBS Bank launched the service for customers of DBS Bank Singapore and Hong Kong. Supported by SWIFT GPI, more than 240,000 corporate and small and medium enterprises (SME) in Singapore have used the service. Following the launch of the DBS Incoming SWIFT GPI service in Indonesia, DBS Bank will expand the coverage area of the service to other countries such as Vietnam, India, China and Taiwan in the next few months.  

This article was first published in DBS Newsroom in Dec 2020. 

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