IDFC FIRST Bank to offer real-time tracking for international money transfers

IDFC FIRST Bank has become the first Indian bank to offer real-time tracking for international money transfers. This service, developed in partnership with SWIFT, is available through the bank's mobile app and internet banking platforms. Chinmay Dhoble, Head of Retail Liabilities and Branch Banking, stated, "With real-time tracking, we empower customers to monitor their cross-border transactions, enhancing convenience and satisfaction."

Kiran Shetty, CEO and Regional Head at Swift, said, that IDFC First Bank is the first Indian bank to go live on GPI over APIs in South Asia. This enables near real-time tracking of payments for customers. Since launching GPI in 2017, our goal has been to improve customer experience in cross-border payments by increasing speed and transparency.”

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Under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), resident individuals can send money abroad for various purposes, including education, medical expenses, and investments. Non-resident Indians can also transfer funds from their NRO/NRE accounts through IDFC FIRST Bank.

The Swift GPI plugin offers customers a way to track their overseas money transfers. The tracker provides real-time updates on the status of funds, indicating whether they are in transit or have been credited to the recipient bank.

It also alerts customers to any issues, allowing them to act quickly to resolve problems, such as incorrect receiver information. IDFC First Bank offers this 24/7 tracking tool as a complimentary service along with its Pay Abroad feature, with no processing charges applied.

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