Indian Transport & Logistics
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DBS Bank launches UPI-based payment solution for TCI's truck drivers

June 11, 2020: DBS Bank India has partnered with the logistics player TCI to introduce a digital platform facilitating truck drivers with real-time payments through the DBS RAPID (Real-Time APIs by DBS) under the aegis of National Payments Corporation of India (NPCI),

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.
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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.

June 11, 2020: DBS Bank India has partnered with the logistics company TCI Group to introduce a digital platform facilitating truck drivers with real-time payments through the DBS RAPID (Real-Time APIs by DBS) under the aegis of National Payments Corporation of India (NPCI),

Given the large volumes of transactions and round-the-clock nature of the operations, the UPI-based real-time payments solution which is available 24x7x365. DBS RAPID and UPI payments provide integration with the company's Enterprise Resource Planning (ERP) system. With this solution, TCI truck drivers receive an instant credit into their bank account, which they can then swipe at terminals or withdraw cash using ATMs.

DBS RAPID has enabled TCI 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.

TCI Goup
TCI is an integrated supply chain and logistics solutions providers with revenues over Rs 3,200 crore and a 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 operate a large fleet to manage its business demands.

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 TCI, 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, CFO, TCI Group said, “At TCI, we have an immense focus on a 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.



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