IDFC First Bank Starts Real-time Tracking For Overseas Transfers Via Swift GPI

IDFC First Bank has become the first bank in India to offer real-time tracking of international transfers through Swift GPI on its mobile and internet banking platforms. This feature enables customers to monitor their cross-border payments in real time, addressing a major gap in tracking overseas transactions, which previously lacked the immediacy seen in domestic digital payments.

Highlighting the bank’s commitment to innovative customer solutions, Chinmay Dhoble, Head of Retail Liabilities and Branch Banking, IDFC First Bank, stated, “The Swift GPI integration is part of our drive to use advanced technology to transform banking, giving our customers complete visibility of cross-border transactions, ensuring convenience and peace of mind.”

Customers can now track overseas transactions under the RBI’s Liberalised Remittance Scheme (LRS) for multiple purposes, such as family maintenance, education, and investments. Additionally, IDFC First Bank offers this service without processing fees. Kiran Shetty, Swift’s Regional Head, praised IDFC First’s efforts, noting that “providing full GPI functionality via APIs will transform cross-border payments with speed, transparency, and traceability.”

With real-time status updates, customers receive alerts if an error, such as insufficient recipient information, disrupts the transfer, enabling quick resolution. This new service reflects IDFC First Bank’s commitment to pioneering digital banking experiences for seamless global transactions.