YES Bank, Cashfree to offer foreign currency collection to exporters
Yes bank It has tied up with Cashfree Payments to offer “Global Collections,” an international collections service for issuers, YES Bank account holders, allowing them to collect payments across 180 countries in more than 30 foreign currencies.
The money received can then be converted into Indian Rupees and settled in their local bank account in India within one business day.
This aims to simplify and revolutionize the way Indian exporters receive payments from all over the world. “The launch of Global Collections will enable exporters to have real-time access and control of their payments and collections journey,” said Ajay Rajan, Head of Country, Digital Services and Transaction Banking, YES Bank.
The product has allocated facilities in four currencies (US Dollars, Sterling Pounds, Euros and Canadian Dollars) and allows global collections up to the equivalent of US$10,000 in line with RBI standards on “Internet Payment Gateway Service Providers”.
-
Also read: There could be a long pause in the global price cycle: Indranil Pan, chief economist, Yes Bank
Issuers will be able to share their payment collection details with buyers via email, SMS or WhatsApp, and buyers will be able to make payments using local bars like Automated Clearing House (ACH), Single European Payments Area (SEPA), etc. .
Main benefits
Benefits for exporters include fast onboarding, automatic generation of e-FIRA within one day, seamless settlement of incoming payments and settlements, settlements of payments in Indian rupees to exporters’ accounts in India, and lower foreign exchange requirements compared to the traditional SWIFT system for small-value transactions.
“With the fast-growing export industry, there is a need for innovative payment infrastructure to streamline money flow and meet compliance requirements without hassle,” said Rego Datta, Co-Founder of Cashfree Payments, adding that the product will help provide the most affordable rates. On-line payment infrastructure.
Payment and banking solutions company API Cashfree Payments has more than 50 percent market share among payment processors.
Recently, SBI invested in the company, which works closely with all the leading banks for basic payments and banking infrastructure.
Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE, and are integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay.