IDFC FIRST Bank Launches Real-Time Tracking for International Money Transfers

IDFC FIRST Bank has become a pioneer in India by introducing real-time tracking for international money transfers. This innovative feature, developed in partnership with Swift, is available to customers through the bank’s mobile app and online banking platforms.

A New Level of Transparency and Convenience

Chinmay Dhoble, Head of Retail Liabilities & Branch Banking at IDFC FIRST Bank, stated that this cutting-edge tracking system offers customers greater convenience and control over their cross-border transactions. By providing real-time updates, the bank empowers users to monitor the status of their transfers effortlessly.

Swift GPI Integration: Revolutionizing Cross-Border Payments

Kiran Shetty, CEO and Regional Head for Swift South Asia, highlighted the significance of this development: “IDFC FIRST Bank is the first Indian bank to activate GPI over APIs in the region. This integration ensures near real-time payment tracking, enhancing both transparency and efficiency in international money transfers. Since launching GPI in 2017, Swift has aimed to make cross-border payments faster and more transparent, offering a superior customer experience.”

Operating Under RBI’s Liberalised Remittance Scheme (LRS)

The tracking service operates under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS). This allows resident individuals to remit funds abroad for various purposes, including education, medical expenses, and investments. Additionally, Non-Resident Indians (NRIs) can use the service for transfers from their NRO/NRE accounts.

How the Real-Time Tracking Feature Works

The integration of the Swift GPI plugin offers customers a seamless experience, allowing them to monitor the journey of their funds from start to finish. Users can see real-time updates indicating whether the money is on its way or has been credited to the recipient’s account. Moreover, the system sends alerts for any issues, such as incorrect receiver details, so customers can take immediate action to resolve them.

No Fees for Enhanced Convenience

IDFC FIRST Bank is offering this 24/7 real-time tracking service as a complimentary feature. Integrated with the bank’s Pay Abroad function, the service comes with no processing fees, ensuring a smooth and cost-effective experience for users.

This new feature is set to redefine cross-border transactions, making international money transfers faster, more secure, and more transparent for IDFC FIRST Bank customers.