Banks in talks with Singapore's DBS to begin real-time remittance system

At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore's DBS Bank to start a real-time remittance system using UPI as the backbone, reported The Economic Times on Wednesday. 

The banks are in discussions to start a common remittance platform with the city-state in collaboration with Singapore's PayNow funds' transfer service, reported ET quoting people familiar with the matter. This will make the international funds' transfer process real-time, instead of taking more than one day.

PayNow is a fast payment system in Singapore that enables peer-to-peer funds transfer services. 

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