Yes Bank partners with Cashfree Payments to offer international payment collection service to Indian exporters
Mumbai/IBNS: Cashfree Payments and Yes Bank have come together to offer ‘Global Collections,’ an international collection service for exporters with an account in the 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.
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.
Yes Bank Country Head - Digital and Transaction Banking Ajay Rajan said, “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.”
Cashfree Payments Co-Founder Reeju Datta said, “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.”
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.
Some of the Key benefits of using Global Collections for exporters include: Fast onboarding; Auto-generation of e-FIRA within a day; Seamless reconciliation of incoming payments and settlements; Payment will be settled in INR to exporter’s Yes Bank account in India; Exporters can give their overseas client options to pay via local bank transfer, like ACH or SEPA; Ability to accept payments from over 180 countries in more than 30 currencies; Save more on FX compared to traditional swift for small value transactions.
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.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its payouts.
Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products.
Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, products offered by Cashfree Payments are used in eight other countries including the USA, Canada, and UAE.
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