MUMBAI: IDFC FIRST Bank has introduced a first-of-its-kind real-time tracking service in India for money sent abroad via Swift Global Payments Innovation (GPI).
Available on the bank’s mobile app and internet banking, this feature marks a significant advancement in cross-border banking for Indian customers, meeting the demand for real-time updates similar to domestic digital payments.
Traditionally, Indian customers accustomed to instant status updates through UPI or IMPS lacked the same transparency for international transfers.
End-to-end tracking
With Swift GPI, IDFC FIRST Bank offers end-to-end tracking for cross-border payments, enabling users to pinpoint transaction statuses and quickly address issues such as insufficient receiver information.
Chinmay Dhoble, Head of Retail Liabilities & Branch Banking, noted that this integration reflects IDFC FIRST Bank’s commitment to leveraging technology for enhanced customer experience.
The service, provided free of charge and accessible 24/7, aligns with the bank’s “Customer First” mission.
Additionally, Swift’s API-based GPI solution further elevates the service, ensuring IDFC FIRST Bank customers can now manage cross-border payments with greater transparency and convenience.
This feature is also available to non-resident Indians transferring funds digitally from their NRO/NRE accounts.
