IDFC First Bank Pioneers Real-Time Cross-Border Payment Tracking

IDFC First Bank is the first Indian bank to offer a real-time tracking service for international money transfers. This new feature, available on the bank's mobile and online platforms, aligns with modern customer expectations for traceability in financial transactions, enhancing cross-border remittance transparency.

IDFC First Bank has positioned itself as a leader in India's banking sector by launching a real-time tracking service for international money transfers, a first for any Indian lender. This innovative service, developed with Swift, is accessible via the bank's mobile app and internet banking. It signifies a notable advancement in digital banking, exemplifying the Bank's commitment to seamless customer service.

The new service addresses a long-standing gap in the Indian banking industry, where real-time status updates and traceability for digital transactions were not available for money sent abroad. The bank noted that Indian customers, accustomed to digital payment systems like UPI or IMPS, expect similar transparency when dealing with cross-border remittances.

This pioneering move allows IDFC First Bank customers to track their international transactions with the same ease as tracking a food delivery, a feature permitted under the RBI's Liberalised Remittance Scheme (LRS). The LRS allows resident Indians to remit up to USD 2,50,000 annually for various purposes including education and investment.

(With inputs from agencies.)