Global Collections' solution will enable exporters to collect payments in over 15 foreign currencies
Fintech BizNews service
Mumbai, October 17, 2023: Cashfree Payments, India's leading payments and API banking company, has partnered with Global Trade Plaza, a global B2B Marketplace, to provide Indian exporters with an improved cross-border payments experience.
In this partnership, ‘Global Collections' solution by Cashfree Payments will enable Indian exporters to collect payments in over 15 foreign currencies. Subsequently, the received funds will be efficiently converted into INR and settled into their local Indian bank accounts within 48 hours. Further, exporters will also be able to get the 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.”
With Cashfree Payments’ Global Collections solution, exporters will be able to share their global collection account details with their international clients 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. Exporters will receive their settlements in INR in their local bank accounts in India. Additionally, exporters will also be able to get e-FIRA within 24 hours.
Recent reports highlight a favorable moment for this collaboration, with a robust 13% year-on-year growth in Indian merchandise exports, totalling around $770 billion. Similarly, service exports have seen a remarkable 27% surge, reaching approximately $330 billion. This impressive export growth owes much to the substantial contributions of MSMEs to the global exports. Furthermore, this partnership aims to streamline cross-border payments for Indian exporters, facilitating international trade promotion with added ease.
Cashfree Payments today is among the leading online payment aggregators and also leads the way in bulk disbursals in India with its Payouts with over 50% market share. India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem.
