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Yes Bank launches robotics tool to automate trade finance

Friday 30 March 2018 00:16 CET | News

Yes Bank has launched a solution that uses robotics to digitise part of the trade finance payments process.

The tool automates the submission of the bill of entry, an account of traded goods entering the port.

A robotics solution then verifies the documentation, which is submitted digitally, by cross-checking it with the Indian government’s Import Data Payment and Monitoring System (IDPMS) or Export Data Processing and Monitoring System (EDPMS). Payment is then released, with the bank saying it has the potential to reduce payment turnaround time by 80%.

Yes Bank plans to roll the solution out to 2,000 corporate clients servicing markets in China, the US, Singapore, Germany and Hong Kong. According to Yes Bank, the plan is to eventually extend to other segments as appropriate, eventually to all trade finance products wherever applicable.


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Keywords: YES Bank, trade finance, robotics, payments, India
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech