YES BANK, India’s fourth largest private sector bank has launched a new robotics based ‘Digital Export and Import’ Payments solution as a part of its comprehensive YES TRANSACT Smart Trade product suite, to help Importers and Exporters significantly improve their operational efficiencies and fast-track payments.
The one-of-its kind integrated product introduced for the first time in the Indian market uses robotics process automation and helps in eliminating the requirement of documents submission for import and export payments. This also has inherent features and checks built in to ensure risk management and security.
Over 2000 corporates are likely to benefit from YES BANK’s novel solution. In the first phase of its implementation, the bank plans to offer the solution to select corporates in India and is expected to bring down turnaround time of payments by 80%. The initiative aims to bring over one lakh trade transactions going entirely digital, across major geographies including China, US, Singapore, Germany and Hong Kong.
Commenting on the launch, Mr. Rana Kapoor, MD & CEO, YES BANK said, “YES BANK has been a pioneer in introducing new innovations, bringing efficiencies to customer’s financial supply chain through technologies like Blockchain, Robotics, Artificial Intelligence and Machine Learning. With introduction of YES TRANSACT Smart Trade, our corporate clients can now submit payment instructions online, anytime without having to worry about paperwork or documentation. The initiative is another milestone in our continuous endeavor towards digitizing financial supply chain.”
The Direct Import Payment Solution allows corporate customers of YES BANK to share transactional instructions online, including Bill of Entry number and other details. The Bank in-turn validates this information with the Reserve Bank of India's (RBI) Import Data Payment and Monitoring System (IDPMS) and processes the transaction. Similarly, in case of direct dispatch exports, corporates can now send instructions to the bank online for export bill regularization. The data is validated using RBI’s Export Data Processing and Monitoring System (EDPMS) and transaction is processed. The Bank would be deploying advanced technologies including Robotics and APIs to ensure seamless processing of transactions.