India's Yes Bank announces digitisation of trade finance documentation.
Global Banking News-November 23, 2018--India's Yes Bank announces digitisation of trade finance documentation
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Global Banking News - 23 November 2018
Yes Bank (532648.BO) (YESBANK.NS) (OOTC: YESBF), an India-based private sector bank, has said that it has completed a first-of-its-kind digital transaction with Welspun Global Brands Limited (WGBL) in the form of an e-Presentation, involving end-to-end electronic presentation of export documents.
Welspun Global Brands Limited is a subsidiary of Welspun India Limited. WGBL has yearly export flows of nearly USD 700m. The transaction is intended to make Yes Bank the first Indian Bank to facilitate Electronic Presentation of Export Documents.
E-presented through a digital platform built by UK-based Bolero International, the electronic documentation of International Trade will replace the need to exchange physical documentation, thereby reducing turn-around-time from 10 days to real-time for all parties involved, as well as establishing a precedent for faster, secure and affordable settlement of cross-border trade, resulting in optimisation of working capital, according to Yes Bank.
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 digitisation 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.'
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