Bangalore, May 03, 2023: Cashfree Payments and YES BANK have come together to offer ‘Global Collections’, an international collection service for exporters, who are account holders of YES BANK. Under this partnership, the Bank’s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service. The funds so received can then be converted into INR and settled into their local bank account in India within one business day.

In addition to having dedicated facilities in 4 currencies (USD, GBP, EUR and CAD), the product also enables global collections in over 30 currencies up to the equivalent of USD 10,000 in line with the Reserve Bank of India’s (RBI’s) Online Payment Gateway Service Providers (OPGSP) guidelines.

Mr. Ajay Rajan, Country Head – Digital and Transaction Banking, YES BANK, said, “YES BANK has been at the forefront of digital innovation in the payments landscape of the country. The partnership between YES BANK and Cashfree Payments aims to simplify and revolutionise the way Indian exporters receive payments from across the world. This is aligned with the Government’s focus on boosting exports, especially in the MSME sector to make India a global manufacturing and services hub. The launch of Global Collections will empower the exporters to have real time access and control over their payments and collections journey.”

Mr. Reeju Datta, Co-Founder, Cashfree Payments, said, “We’re excited to partner with YES BANK to streamline international payment collection for Indian exporters. With the rapidly growing export industry, innovative payment infrastructure is needed to simplify the money flow and meet compliance requirements without hassle. Global Collections and our partnership with YES BANK will help us in achieving our goal towards fuelling India’s export growth by providing affordable, top-of- the-line payment infrastructure.”

Exporters will be able to share their payment collection details with their buyers 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.

Some of the Key benefits of using Global Collections for exporters include:
● Fast on-boarding
● Auto-generation of e-FIRA within a day
● Seamless reconciliation of incoming payments and settlements
● Payment will be settled in INR to exporter’s YES BANK account in India
● Exporters can give their overseas client options to pay via local bank transfer, like ACH or SEPA
● Ability to accept payments from over 180 countries in more than 30 currencies
● Save more on FX compared to traditional swift for small value transactions

Exporters will receive their settlements in INR in their local bank accounts in India. Further, exporters will also be able to get foreign inward remittances advice (e-FIRA) within 24 hours. With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its pay-outs. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. Cashfree Payments is also integrated with major platforms such
as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, products offered by Cashfree Payments are used in eight other countries including the USA, Canada, and UAE.

About YES BANK:
YES BANK is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to retail, MSME as well as corporate clients. YES BANK operates its investment banking, merchant banking and brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/

Follow YES BANK on Twitter @YESBANK

Media contact:
Neha Chandwani
Neha.Chandwani@YESBANK.in

About Cashfree Payments
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payment solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateway, an API-based disbursal
platform -Payouts and a verification suite for individual and corporate identity verification. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, http://www.cashfree.com is among the leading payment service
providers in India processing transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than
3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA,
Canada, and UAE. Cashfree Payments recently acquired a SaaS Startup Zecpe and invested in Telr, a leading Payment Service Provider in the UAE and Saudi Arabia. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis
Partners, State Bank of India (SBI), and was incubated by PayPal.

Media contact:
Swagata Gupta | swagata.gupta@cashfree.com | 9820088951
Sinoj Sadanandan | sinoj.sadanandan@cashfree.com | 9619375635