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

Current Context: IDFC FIRST Bank has launched a real-time tracking service for international money transfers in association with SWIFT on November 5, 2024.

• 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)

Answer: D) IDFC FIRST Bank’s real-time tracking service leverages SWIFT’s Global Payments Innovation (GPI) plugin, which provides end-to-end visibility and enhances the speed and transparency of international money transfers.