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YES Bank partners with Cashfree Payments
May 04, 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 $10,000 in line with the Reserve Bank of India’s (RBI’s) Online Payment Gateway Service Providers (OPGSP) guidelines.
Ajay Rajan, Country Head – Digital and Transaction Banking, Yes Bank, said in a statement, “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.”
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