Cashfree Payments has partnered with YES BANK to offer ‘Global Collections’, an international collection service for exporters, who are account holders of YES BANK. Under this partnership, the Bank’s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service. The funds so received can then be converted into Rs and settled into their local bank account in India within one business day.
In addition to having dedicated facilities in four currencies (USD, GBP, EUR and CAD), the product also enables global collections in over 30 currencies up to the equivalent of $10,000 in line with the Reserve Bank of India’s (RBI’s) Online Payment Gateway Service Providers (OPGSP) guidelines.
“YES BANK has been at the forefront of digital innovation in the payments landscape of the country. The partnership between YES BANK and Cashfree Payments aims to simplify and revolutionise the way Indian exporters receive payments from across the world. This is aligned with the Government’s focus on boosting exports, especially in the MSME sector to make India a global manufacturing and services hub. The launch of Global Collections will empower the exporters to have real time access and control over their payments and collections journey,” said Ajay Rajan, Country Head - Digital and Transaction Banking, YES BANK.
“We're excited to partner with YES BANK to streamline international payment collection for Indian exporters. With the rapidly growing export industry, innovative payment infrastructure is needed to simplify the money flow and meet compliance requirements without hassle. Global Collections and our partnership with YES BANK will help us in achieving our goal towards fuelling India's export growth by providing affordable, top-of-the-line payment infrastructure,” added Reeju Datta, co-founder, Cashfree Payments
Exporters will be able to share their payment collection details with their buyers 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.