IDFC FIRST Bank Launches Real-Time International Money Transfer Tracking

IDFC FIRST Bank, in partnership with Swift, has introduced a groundbreaking real-time tracking service for international money transfers. Available on its award-winning mobile app and internet banking platforms, this service positions IDFC FIRST Bank as the first Indian bank to offer end-to-end traceability for cross-border payments. This service aligns with the bank’s “Customer First” philosophy, aimed at bringing the transparency and speed of UPI and IMPS digital payments to international transactions.

Real-Time Tracking for Cross-Border Payments

In response to customer demands for transparency similar to local digital payments, IDFC FIRST Bank’s Swift GPI integration enables users to monitor international transfers in real time. Through the mobile app or internet banking, customers can now access the exact status of funds during the transfer, whether in transit or credited to the recipient. The Swift GPI system also alerts users to potential issues, such as insufficient recipient information, allowing them to take corrective action swiftly.

Enhanced Service with No Additional Charges

Alongside this service, IDFC FIRST Bank is offering free real-time tracking under the “Pay Abroad” feature, where no additional processing fees apply. This value-added service is particularly beneficial for purposes permitted under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), such as education, medical expenses, and family maintenance abroad.

A Milestone in IDFC FIRST Bank’s Technology-Led Vision

This service represents a significant step in IDFC FIRST Bank’s mission to provide seamless, technology-driven banking solutions. By integrating advanced Swift GPI functionalities, the bank aligns with global banking standards, demonstrating a commitment to ethical, transparent, and socially responsible banking.

Here’s a concise table summarizing the key points