India’s YES BANK is integrating robotics process automation to facilitate document and data sharing in export-import services.
The bank announced news on Tuesday (March 20) that it launched a Digital Export and Import Payments solution, an addition to its existing YES TRANSACT Smart Trade suite of services to support exporters and importers in their global trade operations and payments. With a focus on document management and transmission, the Digital Export and Import Payments tool deploys robotics process automation to enable companies to submit payment instructions digitally, instead of having to file physical paperwork.
YES BANK said the tool could reduce payment turnaround time by 80 percent.
“YES BANK has been a pioneer in introducing new innovations, bringing efficiencies to customers’ financial supply chain through technologies like blockchain, robotics, artificial intelligence and machine learning,” said Rana Kapoor, managing director and CEO of YES BANK in a statement. “With [the] 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 toward digitizing [the] financial supply chain.”
The tool, which YES BANK also referred to as the “Direct Import Payment Solution” in its release, supports the sharing of transactional data between traders and financial service providers. Banks validate this information with the Reserve Bank of India’s Import Data Payment and Monitoring System to process the transaction.
YES BANK said it will be deploying APIs and additional robotics-based solutions to enhance the seamlessness of transactions. The bank is targeting trade deals that involve China, the U.S., Singapore, Germany and Hong Kong, among others, it said.
In another addition to its corporate banking services, YES BANK launched its accelerator program last year, with several startups in the B2B FinTech space addressing a range of services, including cash flow management and blockchain-powered global payments.
Other financial service providers have similarly targeted the friction linked to documentation in global trade. Last year, HSBC revealed a partnership with Tradeshift to digitize supply chain processes, including paper documents like invoices.
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