Source: Yes Bank
YES BANK, India’s 4th largest private sector bank announced that it has completed a first-of-its-kind digital transaction with Welspun Global Brands Limited (WGBL) – a subsidiary of Welspun India Limited, in the form of e-Presentation, involving end-to-end electronic presentation of export documents.
WGBL has yearly export flows of ~USD 700 mn. With this transaction, YES BANK becomes 1st Indian Bank to facilitate Electronic Presentation of Export Documents.
The electronic documentation of International Trade e-presented through a digital platform built by UK-based Bolero International will replace the need to exchange physical documentation, thereby reducing turn-around-time from 10 days to real-time for all parties involved, while establishing a precedent for faster, secure, cost-efficient settlement of cross-border trade, resulting in optimization of working capital.
Commenting on the development, Mr. Ajay Rajan, Group President and Global Head Transaction Banking Sales at YES BANK said, “Collaboration and innovation have been the mainstay at YES BANK since inception and the Bank has emerged as a leader in digitizing the Trade finance space in India. In yet another industry-first initiative, we are pleased to partner with Welspun and Bolero to facilitate digitization of presentation of export documents. With the introduction of electronic presentation of documents under collections and Letter of Credit, we aim to leverage our strength in establishing collaborative ecosystems to not only transform work-flows at the bank’s level but also effect significant manpower and turn-around-time reductions for all partners involved. We will soon extend this service to all our clients involved in cross-border trade.”
Mr. Altaf Jiwani, CFO, Welspun said, “Embracing technology is part of Welspun Group’s DNA. With Welspun, being one of the leaders in the Home Textile industry, it is our constant endeavor to work towards bringing the ease of business across our trade partners through technological advancement. Welspun Global Brands Limited (WGBL) along with Bolero and YES Bank have developed an architecture that will eliminate physical paper work in cross-border trade through e-Presentation. The system will allow complete visibility of movement of the documents, thereby ensuring transparency in the entire process and making audit trail a possibility in real time.”
Commenting on the partnership with YES BANK and Welspun Global Brands Limited (WGBL), Gary Cutress, Sales Director from Bolero International said, “We are very excited to be partnering with YES BANK helping them to deliver innovative solutions to their customers. For Bolero it is yet another landmark that points to how we are at the centre of India’s trade revolution, leading the advance towards digitization, greater efficiency and transparency. We look forward to continuing an excellent and rewarding relationship.”
This novel initiative not only allows for operational efficiencies but also helps the Bank strengthen existing relationships and create a secure platform for 360 degree visibility and audit trail from creation to surrender.