DBS Bank India has introduced a digital payments solution that will enable truck drivers to receive instant payments.
The company partnered supply chain and logistics solutions provider Transport Corporation of India (TCIL) to introduce the DBS RAPID (Real Time APIs by DBS) solution.
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Developed under the aegis of National Payments Corporation of India (NPCI), DBS RAPID and UPI payments enable seamless integration with its Enterprise Resource Planning (ERP) system.
The solution enables real-time payments directly to the bank accounts. Subsequently, the truckers can withdraw the cash using ATMs.
DBS Bank India Global Transaction Services head Divyesh Dalal said: “At DBS, we anticipate customer needs and offer solutions that meet their end-to-end requirement. We follow a pre-emptive approach and create customized offerings to bring more convenience and value to our customers.
“DBS RAPID can be seamlessly integrated into our corporate customers’ systems or platforms, to facilitate payments and banking transactions in real-time. In the case of TCIL, it enables truck drivers to live hassle-free and manage their expenses with ease, thereby aligning with our commitment to supporting lives and livelihoods.”
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By GlobalDataThe introduction of DBS RAPID will help in increasing digital transactions, reduce turnaround time and support rapid mobilisation of goods.
The solution has already been adopted by several companies Mahanagar Gas, Lykos, Herbalife and Zolo Stays.
TCIL Group CFO Ashish Tiwari said: “The DBS RAPID solution has strengthened internal controls, reduced our cost, and increased our pace of business. We are proud to have partnered with DBS Bank, which has enabled us to contribute to digital India in a meaningful way and drive India towards a digital economy.”
