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DBS Bank India partners with TCIL to facilitate real time payments for truck drivers by DBS RAPID solution

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DBS Bank partners with TCIL for real time payments to truck driversOn June 2, 2020 DBS Bank India partnered with Transport Corporation of India Limited (TCIL)to facilitate real time payments for truck drivers by DBS RAPID(Real Time Application Program Interface-APIs by DBS) solution to enable them to receive payments instantly.

Major Highlights:

i.The bank has proposed to set up a Unified Payments Interface(UPI)-based real-time payments solution which is available 24x7x365, considering the large volumes of transactions & round-the-clock nature of the operations.

ii.The solution has been set up under the support of National Payments Corporation of India (NPCI). DBS RAPID and UPI payments provide an ideal integration with the company’s Enterprise Resource Planning (ERP) system. 

iii.By this solution, TCIL truck drivers will receive an instant credit into their bank account, which they can then swipe at terminals or withdraw cash using ATMs. 

Key Points

  • DBS RAPID has been adopted by companies such as Mahanagar Gas, Lykos, Herbalife, and Zolo Stays. 
  • This solution was recognized as one of the Best Treasury & Finance Strategies in Asia-Pacific by Corporate Treasurer 

About DBS Group:
Headquarters– Singapore
Chief Executive Officer(CEO) and Director– Piyush Gupta 

About DBS Bank India Limited:
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and CEO– Surojit Shome 

About TCIL:
Corporate Office– Gurgaon, Haryana
Chairman and MD– D P Agarwal