German banking group Deutsche Bank has introduced the first paperless import payment solution in India with its TradePay system.
TradePay uses the Reserve Bank of India’s import data processing and monitoring system to verify import payments.
The data is then improved by the client to meet regulatory requirements, which will be validated by the bank and converted into a payment-ready state.
The digitized workflow solution is said to reduce complexities and delays in the supply chain; enhance controls and transparency of payments; and increase speed of settlement. It also meets regulatory requirements.
Clients can book FX contracts electronically through TradePay and the payment authorization is done through the importer’s ERP system.
Deutsche Bank Global Transaction Banking – India head Anjali Mohanty said: “The role of treasurers has increasingly become more strategic. They are looking to their bankers for solutions, such as TradePay, that helps them gain more efficiencies and future-proof their business.”
Deutsche Bank Asia Pacific Global Transaction Banking head Lisa Robins said: “By developing innovative solutions such as TradePay, we aim to play a role in the next phase of evolution for the transaction banking industry.”