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ICICI Bank launches digital solutions for exporters
| Wednesday, 04 Jan 2023, 07:22 IST
Mumbai: ICICI Banking company today announced the launch of digital solutions for exporters, a comprehensive fix of banking and value-added services on a single platform. In a commencement-of-its-kind initiative in the manufacture, the suite of solutions digitise the entire export life-cycle– from discovery of consign markets, export finance, foreign exchange services to receipt of consign incentives for MSMEs and big MNCs. The initiative aims to simplify the journey of exporters by decongesting the electric current time-intensive transmission procedures, thereby significantly improving their operational efficiency.
The set of solutions also offer industry-first facilities such as instant disbursal of Export Packing Credit (Insta EPC) and Merchandise APIs. Insta EPC provides consign finance instantly, while Merchandise APIs enable smooth handling of export transactions direct from exporters’ ERP systems, thereby providing greater convenience.
Speaking about the initiative, Mr. Sumit Sanghai, Head- Large Clients Group, ICICI Bank, said, “Over the years, exports have been an integral part of India’s growth. India’southward overall exports in FY 2022 grew by 36% to over USD 670 billion from a yr-agone menstruum. It is estimated to touch USD ii trillion by 2030. ICICI Bank intends to support the growth of exporters with an all-encompassing suite of digital solutions. The set of solutions enables large, medium and emerging companies to undertake their export transactions online, anywhere and anytime. Nosotros believe that this initiative volition bring in unmatched efficiency in the entire export lifecycle across industries and act as catalyst in their business growth.”
The key services and offerings of the digital solutions for exporters are:
- Insta EPC: Exporters, having relationship with the Depository financial institution, will become the convenience of Export Packing Credit (EPC) instantly and digitally. This facility tin can be availed through Merchandise Online, the Bank’due south flagship digital platform for consign-import transactions. Insta EPC enables instant disbursal of credit in a affair of minutes compared to the industry practice of a few working days. This facility offers significant advantage to exporters as information technology gives access to funds instantaneously for aforementioned solar day use, enhancing their operational efficiency.
- Trade accounts: The solution offers foreign currency accounts namely Exchange Earners’ Foreign Currency Business relationship (EEFC). This is a Electric current Business relationship that allows exporters to hold their foreign currency earnings in the business relationship, without converting information technology to the local currency. This feature of the account helps exporters to reduce their foreign exchange transaction toll. It likewise offers specialised Electric current Business relationship like Ane Globe Merchandise Account (OGTA) for export and import related transactions
- Paperless exports solutions: The Banking concern’southward digital solutions similar e-Softex (catering to IT/ITeS exporters) and eastward-DOCs have simplified exporters’ journey across various stages by offering digital filing of documents, settlement and reconciliation of export invoices, among others. Information technology brings in the significant convenience of reduced turn-around time for these transactions from the existing manufacture exercise of a few days to near real time. The simplified digital solutions enable exporters to merits their export incentives faster.
- Foreign exchange solution: Exporters can book forex deals over phone or online through digital platforms to get flexibility and transparency in booking rates.
- Digital Letter of the alphabet of Credit facility (e-LC): The exporters tin can avail e-LC facility, which acts equally a digital repository also equally makes LC available on existent-time basis, for verification of trade terms.
- Electronic Bills of Lading (east-BL): The Bank has partnered with leading eastward-BL service providers to facilitate cease-to-terminate digital movement of trade documents across the world. This results in efficient working capital management by reducing turnaround time to a couple of days from existing industry exercise of 8-ten days.
- Value added services: Exporters tin can avail value-added services from Trade Sally, the Banking company’s i-stop platform that offers a comprehensive digital suite of various banking and across banking services for companies. The platform facilitates an end-to-end journey from business incorporation, regulatory guidelines, partner discovery, logistics and cargo tracking through a blend of services provided by trusted alliance partners.
- Trade APIs: The Bank offers Trade APIs, a future-ready industry-starting time solution, for seamless handling of export bills. The range of APIs include Remittances, Letters of Credit and Banking company Guarantees. The Merchandise API solution provides the exporters with a simplified ‘Do-It-Yourself (DIY)’ experience anytime anywhere. With APIs in place, exporters can initiate transactions via their ERPs directly with the Bank, thereby enhancing productivity.