back Back

Cashfree and YES BANK to offer global payment collection service to Indian exporters

By Leandra Monteiro

May 03, 2023

  • Cashfree Payments
  • Exporters
  • Global Collections
Share

Cashfree Payments, YES BANK Cashfree Payments and YES BANK join forces to offer ‘Global Collections’, an international collection service for exporters, who are account holders of YES BANK.

Under this partnership, the Bank’s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service. The funds so received can then be converted into INR and settled into their local bank account in India within one business day.

Ajay Rajan, Country Head – Digital and Transaction Banking, YES BANK, said, “YES BANK has been at the forefront of digital innovation in the payments landscape of the country. The partnership between YES BANK and Cashfree Payments aims to simplify and revolutionise the way Indian exporters receive payments from across the world. This is aligned with the Government’s focus on boosting exports, especially in the MSME sector to make India a global manufacturing and services hub. The launch of Global Collections will empower the exporters to have real time access and control over their payments and collections journey.”

Reeju Datta, Co-Founder, Cashfree Payments, said, “We’re excited to partner with YES BANK to streamline international payment collection for Indian exporters. With the rapidly growing export industry, innovative payment infrastructure is needed to simplify the money flow and meet compliance requirements without hassle. Global Collections and our partnership with YES BANK will help us in achieving our goal towards fuelling India’s export growth by providing affordable, top-of-the-line payment infrastructure.”

In addition to having dedicated facilities in 4 currencies (USD, GBP, EUR and CAD), the product also enables global collections in over 30 currencies up to the equivalent of USD 10,000 in line with the Reserve Bank of India’s (RBI’s) Online Payment Gateway Service Providers (OPGSP) guidelines.

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.

Exporters will receive their settlements in INR in their local bank accounts in India. Further, exporters will also be able to get foreign inward remittances advice (e-FIRA) within 24 hours.

Previous Article

May 03, 2023

3 digital lending platforms financing SMEs in Mexico

Read More
Next Article

May 03, 2023

TS Imagine announces the launch of TS One

Read More








IBSi Daily News Analysis

March 22, 2024

Cashfree Payments

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

5 Major FinTech Acquisitions announced in March 2024

Read More

Today

Tempo France suspends classical remittances, to focus on DeFi

Read More

Today

Qonto unveils its first in-house financing offer, ‘Pay later’

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023