DBS Bank India, a part of the Singapore headquartered financial services company, has entered into a partnership with supply chain management company Transport Corporation of India Limited (TCIL) to offer a digital payment solution for real-time payments to truck drivers.
The solution, DBS RAPID, will help TCIL truck drivers receive an instant credit into their bank account, which they can then swipe at terminals or withdraw cash using automated teller machines (ATMs), according to a statement.
The solution is set up under the aegis of National Payments Corporation of India (NPCI). Real-time application programme interfaces by DBS (DBS RAPID) and unified payments interface (UPI) payments integrates seamlessly with the company’s enterprise resource planning (ERP) system, it said.
“The DBS RAPID solution has strengthened internal controls, reduced our cost, and increased our pace of business,” Ashish Tiwari, group CFO, TCIL, said.
Companies such as Mahanagar Gas, Lykos, Herbalife, and Zolo Stay also use the solution.
Founded in 1958 by Prabhu Dayal Agarwal, TCIL is headquartered in Gurugram. It has over 1400 offices across India with more than 6000 employees.
Last year in August, DBS Bank India joined hands with Bengaluru-based technology business incubator Social Alpha to mentor social enterprises.