YES BANK customers can get started with the solution right away with minimum digital KYC process. This saves about 70% of time otherwise spent on complete manual KYC process.
With the YES BANK integration, you can auto-generate invoices for the international payments received from customers, and provide them with the acknowledgement in no time. This in turn helps you reconcile your invoices with the corresponding statements before filing your tax returns.
Get a dedicated account manager for your Yes Bank and Cashfree Payments accounts to help you smoothly get onboard and start transacting in a jiffy.
YES BANK customers can get started with the solution right away with minimum digital KYC process. This saves about 70% of time otherwise spent on complete manual KYC process.
With the YES BANK integration, you can auto-generate invoices for the international payments received from customers, and provide them with the acknowledgement in no time. This in turn helps you reconcile your invoices with the corresponding statements before filing your tax returns.
Get a dedicated account manager for your Yes Bank and Cashfree Payments accounts to help you smoothly get onboard and start transacting in a jiffy.
Global Collections is a technology payments platform that is built for exporters who want to receive international payments. This solution is recommended for exporters who are dealing in goods or services having invoice value of up to USD 10,000.
Traditionally exporters in India have been receiving payments via SWIFT. With Global Collections solutions, the exporters can get 5 dedicated local accounts - in 4 currencies namely USD, GBP, EUR and CAD and a Global SWIFT Account to accept payments in 30+ currencies.
Payers/importers can make cross border payments as easy as domestic payments by using local rails like ACH, SEPA, EFT and Faster payments and the amount is credited to the respective local collection account.
Exporters can receive these payments in importer’s or payer’s home currency without the exporter having to open a bank account in foreign countries saving his/her time, effort and money.
This is a first of its kind partnership between a Fintech and a bank. The advantages for an exporter, over traditional inward remittance collection methods include:
You can visit www.cashfree.com/international-payments/international-wire-transfer/ and click on Contact Sales. Please fill in the basic details about your company and Cashfree Payments sales representatives will reach out to you with 24 working hours to help you get started.
If you are an existing YES BANK customer, you can also reach out to your YES BANK Relationship manager. They’ll be able to help you.
Just like there is NEFT in India, there is ACH in the US, SEPA in Europe region, EFT in Canada and Faster payments in UK.
Using the Global Collections solution, exporters get a dedicated collection account each in USD, GBP, EUR and CAD and a SWIFT account to receive payments in other currencies. This way an exporter can get paid via payer’s local rails instead of SWIFT.
Example: A payer residing in the US can initiate an ACH transfer into the receiver’s (Indian exporter’s) local receiving USD account.
If you are selling goods or services outside of India having invoice value up to USD 10,000 you can use global collection accounts. The payer can be an individual or a business as the case may be, as long as payment is for sale of goods or rendering of service(s).
Global Collections solution can be used for all types of businesses except
No, as per the OPGSP guidelines , all international inward remittance payments must be settled in INR to exporter’s bank account by the AD-1 partner bank. In case of Global Collections, the payments received in currency accounts will be settled to your YES BANK account in India.
Yes. Cashfree Payments’ AD 1 partner i.e YES BANK will issue eFIRS on T+1 basis. T being the day on which the beneficiary receives the payment in his/her bank account in India. The eFIRS will be sent via email to your registered email address.
Yes. Here is the OPGSP guideline for your reference.
Here’s the list of purpose codes to be followed for OPGSP transactions.
Collect customer payments, make payouts, manage international payments and so much more. Create your account or contact our experts to explore custom solutions.
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