Private sector lenders YES Bank and IndusInd Bank on Thursday launched one product each for easing of cross border payments, according to media statements.
YES Bank, in partnership with BriskPe, has launched BriskPe A2A, which offers a suite of solutions to exporters and importers. This platform will enable BriskPe’s customers to collect payments in over 36 foreign currencies, spanning across more than 180 countries. The funds can then be converted into Indian Rupees and settled directly into their local bank accounts in India within a single business day, the lender said. This collaboration will enable swift cross-border payments and majorly benefit Micro, Small, and Medium Enterprises (MSMEs) operating in the manufacturing and services sectors.
“Based on YES BANK’s OPGSP Export APIs, the product is set to redefine the landscape of international trade with features like real time transaction processing and instant eFIRA generation. Through this, the bank also aims to contribute and strongly align with the government’s aim of boosting the MSME sector and transforming India into a Global export powerhouse,” said Ajay Ranjan, country head of digital and transaction banking at YES Bank.
IndusInd Bank, meanwhile, has launched a virtual commercial card in tie-up with Visa and Juspay. The credit card has additional layers of security that can be defined for each transaction. The product is made to cater to requirements of corporates and travel industry, who make many bookings in multiple foreign currencies. Further, users can also generate virtual cards or credentials in foreign-denominated currencies, safeguarding the parent card number. Each virtual card can be fully customized with transaction-specific limits and the expiry dates also can be defined to ensure secure payment experience.
“We’re making it easy for the buyers and suppliers in the corporate & travel industry to streamline their payments processes with our intuitive, frictionless, tokenisation-cum-AFA regulation compliant, & maker-checker workflow based Virtual commercial Card solution in partnership with Indusind Bank and Visa,” said Sheetal Lalwani, Cofounder & COO, Juspay.