Connect with us

Finance

DBS Bank India Introduces an Industry-First Digital & Paperless Trade Financing Solution

DBS

DBS Domestic Trade Financing leverages Electronic Way (Eway) bill verification for digitalizing and simplifying trade transactions

The bank has completed its first end-to-end digital Purchase Invoice Finance (PIF) transaction for Lincon Polymers Pvt. Ltd.

In the current environment, there is a need to drive digitized trade for Corporate customers to reduce processing turnaround time and drive businesses efficiently. In light of the latent need, DBS India has introduced a paperless proposition for the financing of domestic invoices by buyers and sellers. The bank now digitally validates the e-Way Bill (i.e. proof of movement of goods) for the purpose of establishing the genuineness of underlying trade transactions. The adoption of this approach has enabled DBS to process transactions quicker without the need to obtain underlying physical documents.

The bank has also executed its first paperless domestic trade financing transaction with Lincon Polymers Pvt. Ltd., marking a significant milestone in the bank’s digital transformation journey.

With this solution, the bank will eliminate the need for cumbersome documentation, making the entire financing journey paperless and seamless. Customers can share details of their transactions through IDEAL (DBS’ digital banking platform that enables companies to initiate, monitor, and secure business transactions). The data is then validated against the Government-enabled Eway bill portal via GSTN after receiving a one-time authentication from the customer. The bank has partnered with Rezofin, an online invoice financing platform for this process.

Following the amalgamation of LVB with DBS Bank India, the bank is well-positioned to offer this solution to the country’s large SME base, which has traditionally grappled with significant documentation for their financing requirements.

Divyesh Dalal, MD & Head – Global Transaction Services, DBS Bank India, said, “We have been leveraging our digital capabilities to design intelligent solutions that benefit time-strapped enterprise owners. Using the eWay bill verification, we’ve helped clients to reduce the time taken for financing an invoice. The solution is a significant step towards making the underlying trade finance process truly digital and paperless, which has historically been document-intensive.”

Commenting on the transaction, CA Anish Shah, Finance Manager from Lincon Polymers Pvt. Ltd., said, “The domestic financing using E-waybill verification is a unique proposition by the bank. By being digital and paperless, the solution enables us to raise financing requests seamlessly. It has eliminated the need to send physical documents, which needed a dedicated resource to manage transactions. We are happy to have partnered with DBS as they understand our requirements and have extended a solution that enhances efficiency.”

DBS has been proactive in identifying customer needs and creating customized banking solutions for large enterprises and small and medium businesses that meet their end-to-end requirement. Last year, DBS introduced a completely digital and innovative payments solution in partnership with Transport Corporation of India Limited (TCIL). The partnership empowered truck drivers by enabling real-time payments through the DBS RAPID solution. Recently, the bank partnered with ODeX to introduce ODeX Pay Later Solutions powered by DBS- a hassle-free credit solution for freight forwarders. DBS has also launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (GPI).

Source: DBS

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Text Translator

Awards Ceremony

Click on the Image to view the Magazine


Global Brands Magazine is a leading brands magazine providing opinions and news related to various brands across the world. The company is head quartered in the United Kingdom. A fully autonomous branding magazine, Global Brands Magazine represents an astute source of information from across industries. The magazine provides the reader with up- to date news, reviews, opinions and polls on leading brands across the globe.


Copyright - Global Brands Publications Limited © 2024. Global Brands Publications is not responsible for the content of external sites.

Translate »