YES BANK to facilitate Electronic Presentation of Export Documents

Friday 23 November 2018 10:21 CET | News

India-based YES BANK has completed a first-of-its-kind digital transaction with Welspun Global Brands Limited, a subsidiary of Welspun India Limited.

Welspun Global Brands Limited has yearly export flows of ~USD 700 million. With this transaction YES BANK becomes the first Indian Bank to facilitate electronic presentation of export documents.

Welspun Global Brands Limited along with Bolero and YES Bank have developed an architecture that will eliminate physical paper work in cross-border trade through e-Presentation. The system will allow complete visibility of movement of the documents, thereby ensuring transparency in the entire process and making audit trail a possibility in real time.

With the introduction of electronic presentation of documents under collections and Letter of Credit, the bank aims to establish a collaborative ecosystem to not only transform work-flows at the banks level but also turn-around-time reductions for partners involved.

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Keywords: YES Bank, Welspun Global Brands Limited, service implementation, deployment, India, Electronic Presentation of Export Documents, banking, lending, B2B payments, letter of credit
Countries: World