Cashfree Payments, India’s largest payments and API banking firm, has teamed with Global Trade Plaza, a worldwide B2B Marketplace, to improve cross-border payments for Indian exporters.
In this collaboration, Cashfree Payments’ ‘Global Collections’ technology would enable Indian exporters to collect payments in over 15 foreign currencies. Following that, the cash collected will be quickly converted into INR and deposited into their local Indian bank accounts within 48 hours. Additionally, exporters will be able to obtain auto-generated foreign inward remittances advice (e-FIRA).
Reeju Datta, Co-Founder, Cashfree Payments, said, “We are excited to partner with Global Trade Plaza to offer a seamless cross-border payment experience to Indian exporters through our ‘Global Collections’ solution. At Cashfree Payments, we have been at the forefront of building cross-border solutions, and partnerships like these help us further our goal of supporting and helping Indian businesses to grow and thrive globally.”
Pulkit Dwivedi, Co-Founder, Global Trade Plaza, said, “We are thrilled to collaborate with Cashfree Payments to provide our exporters with a seamless and efficient cross-border payment experience using their ‘Global Collections’ solution. As a leading B2B portal & official partner of Société Générale de Surveillance (SGS), Global Trade Plaza is dedicated to aiding Indian businesses in global growth, fostering easy and secure international trade. Together with Cashfree Payments, we are working towards simplifying global transactions for Indian businesses and ensuring their continued growth and success.”
Exporters will be able to share their global collection account details with their international clients via email, SMS, or WhatsApp using Cashfree Payments’ Global Collections solution, and buyers will be able to make payments using local rails such as Automated Clearing House (ACH), Single Euro Payments Area (SEPA), and so on. Exporters will receive payouts in INR in their Indian bank accounts. Exporters will also be able to obtain e-FIRA within 24 hours.
Recent figures emphasise an ideal time for this collaboration, with India’s merchandise exports increasing by 13 per cent year on year, totaling over $770 billion. Similarly, service exports have increased by 27 per cent, reaching almost $330 billion. This excellent export increase is largely due to the significant contributions of MSMEs to our worldwide exports. Furthermore, this collaboration aims to simplify cross-border payments for Indian exporters, making international trade promotion easier.
