Yes Bank Digitises Trade Finance Documentation
Yes Bank has announced that it has completed a first-of-its-kind digital transaction with Welspun Global Brands (WGBL) – a subsidiary of Welspun India, in the form of e-presentation, involving end-to-end electronic presentation of export documents. WGBL has yearly export flows of approximately US$700m.
The electronic documentation of international trade e-presented through a digital platform built by Bolero International will replace the need to exchange physical documentation, thereby reducing turn-around-time from 10 days to real-time for all parties involved, while establishing a precedent for faster, secure, cost-efficient settlement of cross-border trade. This should result in optimisation of working capital.