Cashfree and YES BANK to offer global payment collection service to Indian exporters
By Leandra Monteiro
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.
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