DBS Bank partners with TCIL for real time payments to Truck Drivers
- DBS Bank India has partnered with Transport Corporation of India Limited (TCIL) to empower truck drivers by facilitating real-time payments through the DBS RAPID (Real Time APIs by DBS) solution, thereby enabling them to receive payments instantly. The fully digital and innovative API payments solution aims to support lives and livelihoods.
- TCIL is among India’s leading integrated supply chain and logistics solutions providers, with revenues over Rs 3,200 crore and an extensive pan-India network.
- Given the large volumes of transactions, the bank proposed setting up a UPI-based real-time payments solution which is available 24x7x365.
- The solution has been set up under the aegis of National Payments Corporation of India (NPCI). DBS RAPID (Real-time APIs by DBS) and UPI payments, provides a seamless 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 said, “We, at NPCI, are happy to collaborate with DBS Bank for the UPI-based innovative digital solution – DBS RAPID. 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.
- Divyesh Dalal, Head – Global Transaction Services, DBS Bank India 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 customised 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.”
Transport Corporation of India Limited is headquartered in Gurugram, Haryana, India. It was founded in 1958 by Mr. Prabhu Dayal Agarwal at Kolkata, India.TCI has 1400+ offices all across India with 6000+ employeess. The whole corporation is composed of eight divisions, namely: TCI Freight, TCI Express (formerly TCI XPS), TCI Supply Chain Solution, TCI Global, TCI Seaways and TCI Foundation.
- Headquarters–Gurugram, Haryana
- Founded – 1958
- Chairman & MD– D.P. Agarwal
About DBS Bank-
DBS Bank is a Singaporean multinational banking and financial services corporation headquartered in Marina Bay, Singapore. The company was known as The Development Bank of Singapore Limited, before the present name was adopted on 21 July 2003 to reflect its changing role as a global bank.
- Founded – 16 July 1968
- Chairman- Peter Seah
- CEO – Piyush Gupta
- MD & CEO – Surojit Shome (DBS Bank India Ltd.)