YES Bank has tied up with Cashfree Payments to offer ‘Global Collections’, an international collection service for exporters, who are account holders of YES Bank, allowing them to collect payments across 180 countries in over 30 foreign currencies.
The funds received can then be converted into Indian rupees and settled into their local bank account in India within one business day.
“This aims to simplify and revolutionise the way Indian exporters receive payments from across the world. The launch of Global Collections will empower exporters to have real-time access and control over their payments and collections journey,” said Ajay Rajan, Country Head-Digital and Transaction Banking, YES Bank.
The product has dedicated facilities in four currencies (USD, GBP, EUR and CAD), and enables global collections up to the equivalent of $10,000 in line with RBI’s norms on ‘Online Payment Gateway Service Providers’.
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Exporters will be able to share their payment collection details with their buyers over email, SMS, or WhatsApp, and the buyers will be able to make payments using local rails like Automated Clearing House (ACH), Single Euro Payments Area (SEPA), etc.
Major benefits
Benefits for exporters include fast onboarding, auto-generation of e-FIRA within a day, seamless reconciliation of incoming payments and settlements, payments settlements in INR to exporters’ accounts in India, and lower foreign exchange requirements compared to traditional SWIFT for small value transactions.
“With the rapidly growing export industry, innovative payment infrastructure is needed to simplify the money flow and meet compliance requirements without hassle,” said Reeju Datta, Co-Founder of Cashfree Payments, adding that the product will help provide affordable, top-of-the-line payment infrastructure.
Payment and API banking solutions company Cashfree Payments has over 50 per cent market share among payment processors.
Recently, SBI invested in the company, which works closely with all leading banks for core payments and banking infrastructure.
Cashfree Payments’ products are used in eight other countries including the USA, Canada, and UAE, and it is integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay.
