Icici Bank Updates Trade Portal
ICICI Bank has announced that it has revamped its Trade Online platform for export/import transactions, by introducing an array of digital services on it, the majority of which the bank says are unique in the industry.
Trade Online has been transformed into a digital banking platform that enables large, medium and small sized corporates as well as MSMEs to undertake almost all their export-import transactions online, eliminating the requirement of physical documentation. It brings in convenience for customers as they are no longer required to visit a bank branch to initiate a trade transaction. They can now do so from anywhere, anytime in a secure manner.
The list of services that can be initiated and executed digitally on Trade Online include issuance of letters of credit (LC) and bank guarantees, export/import collection bills, disbursement of export credit, payments against imports among others. It also includes specialised solutions like ‘e-Softex’ for the software industry and e-LC facility for large exporters among others. Additionally, it is the first digital banking platform to offer credit of inward remittance within minutes to the ICICI Bank current account of the recipient.