Cashfree Payments, a payments and API banking company, has partnered with Tazapay, a Singapore-based cross-border payments company to power their cross-border payments for Indian exporters.
The partnership allows Tazapay to settle all cross-border payments directly to Indian exporters' local bank accounts in Rupees in one business day.
According to a company statement, Indian exporters faced challenges with e-FIRS (Foreign Inward Remittance Statement) generation, which required 2-3 weeks and multiple bank follow-ups. With this partnership, Cashfree Payments will provide e-FIRS to Tazapay merchants, complete with remitter and buyer details, for all their transactions within one business day.
The partnership also streamlines transaction processing, improves cash flow management and offers convenient payment options. It aims to unlock new opportunities for Indian sellers to expand their reach and tap into more global buyers.
Reeju Datta, Co-Founder of Cashfree Payments, said, "India is the biggest market for inward remittances globally, covering merchandise and services exports. However, traditional wire transfers have been the go-to payment method for Indian businesses. These methods have caused payment delays, affecting exporters' operations and cash flow management. Our partnership with Tazapay now eliminates payment hassles, empowering Indian exporters to expand their business across borders smoothly. This is just one more example of Cashfree Payments' unwavering commitment to simplifying international payment collection, making it just as effortless as collecting payments domestically.”
Rahul Shinghal the CEO of Tazapay, said, "Our collaboration with Cashfree Payments marks a significant milestone in our mission to streamline cross-border transactions for Indian merchants. Combining Tazapay's extensive coverage in over 173 countries with local payment collections in 80+ countries and Cashfree Payments' expertise in local payout solutions, we are empowering businesses in India to seize new opportunities and overcome challenges posed by traditional payment methods. Together, we aim to enhance operational efficiency and cash flow management, and tap into previously inaccessible markets, fostering a robust cross-border ecosystem that drives growth, innovation, and success for Indian merchants in the global arena."