Cashfree Payments forged a strategic partnership with Global Trade Plaza, a distinguished global B2B Marketplace, with the goal of enhancing the cross-border payments experience for Indian exporters.
Through this collaborative venture, Cashfree Payments introduced its innovative 'Global Collections' solution, empowering Indian exporters to seamlessly collect payments in more than 15 foreign currencies. Subsequently, these received funds will be efficiently converted into Indian Rupees (INR) and swiftly settled into the exporters' local Indian bank accounts within a mere 48-hour window.
Furthermore, this partnership facilitates exporters in obtaining auto-generated foreign inward remittances advice (e-FIRA), further streamlining and simplifying their cross-border payment transactions. This endeavor aims to significantly improve the ease and efficiency of international trade for Indian exporters.
Reeju Datta, co-founder, Cashfree Payments, said, "At Cashfree Payments, we have been at the forefront of building cross-border solutions, and partnerships like these help us further our goal of supporting and helping Indian businesses to grow and thrive globally.”
Pulkit Dwivedi, co-founder, Global Trade Plaza, said, "As a leading B2B portal and official partner of Société Générale de Surveillance (SGS), Global Trade Plaza is dedicated to aiding Indian businesses in global growth, fostering easy and secure international trade. Together with Cashfree Payments, we are working towards simplifying global transactions for Indian businesses and ensuring their continued growth and success.”
With Cashfree Payments’ Global Collections solution, exporters will be able to share their global collection account details with their international clients 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. Exporters will receive their settlements in rupree in their local bank accounts in India. Additionally, exporters will also be able to get e-FIRA within 24 hours.
