Aligning with the national agenda of «Ease of Doing Business», Citi India has launched the first completely paperless cross-border payment solution for corporates.
Citi India has announced the launch of a new digital cross-border payment solution that eliminates the need for multiple, underlying physical documents for cross-border trade payments. The solution substantially reduces time, effort and cost of each transaction by facilitating quicker trade payments.
Payment solution focuses on «Open Account» cross-border trade which increases transparency, efficiency and reduces turnaround time to less than three hours from the current same day processing, the bank said in a media release.
With Open Account import payments, Citi’s clients can now directly share import payment information with the bank, by simply quoting Reserve Bank of India’s (RBI) Import Data Payment and Monitoring System (IDPMS) number, as against the earlier process of sharing multiple documents to support a single payment.
Growing Digital Solutions
Citi India worked closely with the Government of India and leveraged RBI’s IDPMS platform that digitally tracks imports to develop this solution, reducing the turnaround for cross-border payments to less than three hours from the earlier same day processing.
India’s estimated $660 billion cross border trade is currently ranked 143 in the World Bank’s «Ease of Doing Business» report and could significantly benefit from solutions like these.
«This is a huge step towards simplifying cross-border trade payments which significantly improves efficiencies for our customers and enhances the digital experience,» said Debopama Sen, (pictured) Head of Treasury and Trade Solutions, Citi South Asia.
Citi India handles trade transactions for over 6,000 large, medium and small corporates across industries.
