Cashfree Payments has teamed with YES Bank to provide exporters with 'Global Collections,' an international collection solution. Under this partnership, the bank’s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service.
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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. The funds so received can then be converted into rupee and settled into their local bank account in India within one business day.
Boosting exports
Ajay Rajan, Country Head - Digital and Transaction Banking, YES Bank, said, “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.”
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.
