DBS Bank India has introduced a completely digital and innovative payments solution in the Indian transportation and logistics sector.
Taking forward DBS' commitment to support lives and livelihoods, the bank has partnered with TCIL for empowering truck drivers by facilitating real-time payments through the DBS RAPID (Real Time APIs by DBS) solution, thereby enabling them to receive payments instantly.
Given the large volumes of transactions, and round-the-clock nature of the operations, 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.
TCIL is among India's leading integrated supply chain and logistics solutions providers, with revenues over INR 3,200 Cr and an extensive pan-India network. Established in 1958, it has developed a vast bouquet of product offerings encompassing multimodal freight management, supply chain design-cum-implementation, and coastal movements, thus operates a large fleet to manage its business demands. This further increases the need to make advance payments to the truck drivers for expenses such as fuel requirements, payment at tolls and, other miscellaneous expenses. Earlier, these payments were primarily made by cash or prepaid cards resulting in physical engagements and unwarranted delays.
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 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.
Ashish Tiwari, Group CFO, TCIL said, "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."
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. DBS RAPID has also been adopted by companies such as Mahanagar Gas, Lykos, Herbalife, and Zolo Stays. This solution was also recently recognized by Corporate Treasurer as one of the Best Treasury & Finance Strategies in Asia-Pacific.