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DBS Bank partnered with SWIFT

Published on September 14, 2021
Current Context: The DBS Bank has entered into a partnership with SWIFT (Society for Worldwide Interbank Financial Telecommunications) Global Payment Innovations.
DBS Bank partnered with SWIFT
  • Through this partnership, DBS Bank will offer the latest data by online tracking for cross-border payments.
  • DBS Bank has thus launched real-time online tracking for cross-border collections for businesses in India and by doing so it has become the first bank in India and Asia-Pacific to offer this service to its clients.
  • The partnership will prove beneficial to 4000 corporates and small businesses in India.
  • Due to this, the visibility in cross-border payments can be tracked by the corporate units.
  • They will be able to manage working capital, track incoming payments and overall cash position.
  • The partnership will provide accuracy for intraday credit line needs, transparency, and visibility to corporate treasuries.
  • The corporates can avail of this service through ‘DBS IDEAL-DBS’ which is the online corporate banking portal.
  • Static Part: 
    • HQ of DBS Bank India: Mumbai
    • HQ of SWIFT: La Hulpe, Belgium

Question: 

Q.1 Which bank partnered with SWIFT (Society for Worldwide Interbank Financial Telecommunications) to offer the latest data by online tracking for cross-border payments?
a. DBS Bank
b. ICICI Bank
c. Axis Bank
d. HDFC Bank
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