RBI gives the green light to Fairexpay to conduct cross-border payments in India
By Joy Dumasia
Fairexpay is a global aggregator platform that provides a tech stack for finding and providing the best currency exchange rates from various exchange partners and processing them worldwide for businesses, has announced that it has received a green light from the RBI for conducting cross-border payments in India.
The announcement came after Fairexpay FinTech products were evaluated on mutually agreed test scenarios and expected outcomes. Following the completion of the regulatory sandbox scheme’s test phase, Fairexpay, along with the other three entities, was deemed feasible for cross-border payments by the Reserve Bank of India on July 19, 2022. As per the RBI, the product can be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements.
The introduction of Fairexpay to the Indian market will be very beneficial to Indian FinTech companies, allowing organisations like Neo Banks, Investment applications, Ed Tech, eCommerce and Travel companies, etc., to provide easy remittance solutions across LRS use cases like overseas university fees payments, travel, medical tourism, family maintenance, purchase of shares, exchange-traded funds (ETF) units, and other assets listed on foreign exchanges using different payment rails like UPI, Net Banking, IMPS etc.
The launch of Fairexpay in India allows Indian customers to take part in a fully integrated digital journey that includes comparing exchange rates provided by different service providers, initiating payments, realising savings and costs associated with transactions in real-time, tracking the status of transactions, and having digital access to SWIFT copies and TCS certificates.
“With our induction into the Indian digital payment network after RBI’s approval, we at Fairexpay are looking forward to easing up cross-border payments process in India and enabling Indian individuals, businesses, and enterprises to make use of our extensive global network of licensed partners and save 3%-7% on all forex payments,” said Raj K, Founder and CEO, Fairexpay.
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