Mumbai: IDFC FIRST Bank has introduced real-time tracking for international money transfers, allowing customers to monitor their transactions from start to finish. Partnering with SWIFT, the bank now provides this tracking feature through its mobile app and internet banking.
This update makes IDFC FIRST the first Indian bank to go live with SWIFT’s Global Payments Innovation (GPI) via APIs in South Asia. The tracking tool gives customers a clear view of their transfers, showing whether the money is still in transit or has reached the recipient’s bank. It also alerts them if there are issues, such as errors in recipient details, so they can take action immediately.
The bank’s Head of Retail Liabilities, Chinmay Dhoble, highlighted that this feature aims to make cross-border transfers easier and more transparent for customers. The real-time tracking is available 24/7, at no extra cost, and covers transfers under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), commonly used for education, healthcare, and investments abroad.
