Cashfree Payments partners with YES Bank to offer Global Collections service for exporters:
Cashfree Payments and YES Bank have joined hands to launch ‘Global Collections‘, an international collection service for exporters who hold an account with YES Bank. This partnership enables the bank’s account holders to collect payments in over 30 foreign currencies using the Global Collections service. Additionally, the funds collected can be converted into INR and settled into their local bank account within one business day.
Key Benefits of using Global Collections for Exporters:
The Global Collections service comes with several benefits for exporters, including:
- Fast On-boarding: The on-boarding process for the Global Collections service is quick and easy, allowing exporters to start collecting payments in a short period.
- Auto-generation of e-FIRA: Exporters will be able to receive foreign inward remittances advice (e-FIRA) within 24 hours.
- Seamless Reconciliation: The service provides seamless reconciliation of incoming payments and settlements, making it easy for exporters to keep track of their finances.
- Ability to accept payments from over 180 countries: With the Global Collections service, exporters can accept payments from over 180 countries in more than 30 currencies.
- Save more on FX: The service enables exporters to save more on foreign exchange compared to traditional SWIFT for small value transactions.
- Multiple Payment Options: Exporters can provide their overseas clients with multiple payment options, including local bank transfers like ACH or SEPA.
Cashfree Payments’ Leading Position in the Market:
Cashfree Payments currently holds over 50% market share among payment processors in India, and it is a leading player in bulk disbursals in the country. The company works closely with all leading banks to build the core payments and banking infrastructure that powers its products. Furthermore, Cashfree Payments is integrated with major platforms like Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay. The company’s products are not limited to India, as they are also used in eight other countries, including the USA, Canada, and UAE.
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