India’s 4th largest private sector bank, Yes Bank, announced on a press release that in partnership with Welspun they have completed an unprecedented digital transaction involving end-to-end electronic presentation of export documents. A digital platform built by the UK based company Bolero International has made it possible for the electronic documentation of International Trade to be e-presented through their platform. With this breakthrough the need of physical documentation can be replaced which can go on to reduce the turn-around-time from 10 days to real time for all parties involved while also being a faster, more secured and cost-efficient settlement of cross border trade, resulting in optimisation of working capital.
Group President and Global Head Transaction Banking Sales at Yes Bank, Mr. Ajay Rajan has shown interest in establishing collaborating ecosystem to transform both work-flows at the bank’s level as well as effect significant manpower and turn-around-time reductions for all partners involved. He also went on to assure that the services will soon be made available to the clients involved in cross-border trade.
Mr. Altaf Jiwani, CFO, Welspun commented on the pros of the system of e-presentation in eliminating physical paper work and allowing complete visibility of movement of the documents which ensures transparency of the entire process.
Bolero International’s Sales Director, Gary Cutress have highlighted their achievement in being at the center of the trade revolution of India and leading the path to complete digitalisation, greater efficiency and transparency and the whole process being an excellently rewarding experience.