Following this partnership, YES BANK’s account holders will have the possibility to collect payments in over 30 foreign currencies while using the Global Collection tool. The funds can be converted into IRN and settled into their local bank account in India in one business day.
The products will also provide clients with dedicated facilities in four different currencies, USD, EUR, GBP, and CAD. Additionally, it will also enable global collections in numerous currencies to the equivalent of USD 10,000 in line with the Reserve Bank of India’s (RBI’s) Online Payment Gateway Service Providers (OPGSP) requirements and guidelines.
Exporters that have a YES BANK account will be enabled to share their payment collection details with their buyers in multiple ways, such as email, SMS, or WhatsApp, while the shoppers will be able to make the transactions using local retails, such as Automated Clearing House (ACH), Single Euro Payments Area (SEPA), or others.
Included in the benefits customers can have while using the Global Collection for exporters are the fast-onboarding process, seamless reconciliation of incoming payments and settlements, auto-generation of e-FIRA within a business day, the ability to accept payments from over 180 countries in multiple currencies, the capability to offer their overseas customers multiple options to pay via bank transfer, and the possibility to save more on FX.
Exporters will receive their settlements in an INR format in their local bank accounts in India and will be able to get foreign inward remittances advice within 24 hours.
The aim of the product is to simplify the way Indian exporters receive transactions and payments from customers around the world, being aligned with the Government’s focus to boost exports. The Global Collection will provide exporters with the opportunity to have real-time access and control over their payments and the way their payments are received and sent globally.
India-based payments and API banking solutions company Cashfree Payments provides its customers with a secure and efficient suite of solutions, enabling businesses and enterprises from India to collect payments and make payouts using multiple available methods with simple integrations.
In February 2023, the company launched `Co-lend`, a fully automated escrow management solution for co-lending. The new service was designed to facilitate secure and instant disbursal with auto reconciliation, as well as a dashboard for managing multiple partnerships and collaborations at the same time. Moreover, it did not require any type of manual intervention, and it notified the loan management system automatically while eliminating reconciliation efforts.
In the same month, Cashfree Payments strengthened its D2C payment offering by acquiring the one-click checkout company Zecpe. With this acquirement, Cashfree Payments aimed to further enhance its Direct-to-Customer (D2C) checkout capabilities and offerings while giving merchants an elevated end-to-end checkout and payments experience. Zecpe was designed to offer customers and traders the possibility to increase conversion rates and to support incremental monetisation and scaling.
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