DBS Bank India has partnered with TCIL with the aim to empower truck drivers through the facilitation of real-time payments through the DBS RAPID (Real Time APIs by DBS) solution. The solution for the transportation and logistics sector in the country will enable truck drivers to receive payments instantly.
Divyesh Dalal, Head – Global Transaction Services, DBS Bank India apprised, “…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.”
The Singapore-based bank proposed setting up a UPI-based real-time payments solution which is available 24x7x365, as the transactions are large in volumes and the operations are round-the-clock in nature in India.
Ashish Tiwari, Group CFO, TCIL enunciated, “At TCIL, we have immense focus on customer-centric approach and State-of-Art technology. 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.”
The solution has been set up under the aegis of the National Payments Corporation of India (NPCI). DBS RAPID and UPI payments provide an Integration with the company’s Enterprise Resource Planning (ERP) system. With this solution, TCIL truck drivers receive an instant credit into their bank account, which they can then swipe at terminals or withdraw cash using ATMs.
Praveena Rai, COO, NPCI elucidated, “…We believe, this initiative will empower truck drivers as they can now receive money real-time with UPI, to manage their day-to-day expenses. We aim to provide a convenient and safe UPI transaction experience to all sections of society. DBS Bank’s real-time APIs-driven solution will enable seamless and contactless payments, which is the need-of-the-hour. This aligns with our overall mission, as we urge organisations to adopt robust digital solutions and manage transactions virtually.”
DBS RAPID has enabled TCIL to improve customer experiences through a reduced turn-around time and quicker mobilisation of goods. The dependence on cash has reduced significantly, and lower digital transaction costs have ensured higher acceptability of the solution among fleet operators. DBS RAPID has also been adopted by companies such as Mahanagar Gas, Lykos, Herbalife, and Zolo Stays.