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Real-time tracking for international money transfers has been launched by IDFC FIRST Bank

Published on November 06, 2024
Current Context: IDFC FIRST Bank has launched a real-time tracking service for international money transfers in association with SWIFT on November 5, 2024.
Real-time tracking for international money transfers has been launched by IDFC FIRST Bank
  • This service is available through the bank's mobile app and internet banking platforms. 
  • Here are some key features:
    • Real-time Updates: Customers can monitor the status of their cross-border payments in real-time, knowing whether the funds are in transit or have been credited to the recipient bank.
    • Enhanced Transparency: The service provides end-to-end visibility of transactions, similar to local digital payments like UPI and IMPS.
    • Swift GPI Integration: The tracking service uses the SWIFT Global Payments Innovation (GPI) plugin, which ensures faster and more transparent cross-border payments.
    • No Additional Charges: The real-time tracking is offered as a complimentary service with no extra processing fees.

Question:

1 What technology is IDFC FIRST Bank using to enable real-time tracking of cross-border payments?

  • A) Blockchain Technology
  • B) Real-Time Gross Settlement (RTGS)
  • C) UPI Integration
  • D) SWIFT GPI (Global Payments Innovation)
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