DBS Bank and Transport Corporation of India Limited (TCIL), a supply chain management company, have announced a partnership to offer digital solutions for real-time payments to truck drivers. The API solution, called DBS RAPID (Real Time APIs by DBS), will help TCIL truck drivers receive an instant credit into their bank account in real time, which they can then swipe at terminals or withdraw cash using ATMs.
The solution is set up under the aegis of the National Payments Corporation of India (NPCI). Both DBS RAPID and UPI payments are integrated with the company’s enterprise resource planning (ERP) system.
In a press release, Divyesh Dalal, head, Global Transaction Services, DBS Bank India, said, “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.’
As per the two companies, DBS RAPID will enable TCIL to improve customer experiences through a reduced turnaround time and quicker mobilisation of goods, with less dependence on cash and lower digital transaction costs, ensuring higher acceptability of the solution among fleet operators.