YES Bank & Welspun Partner To Facilitate Industry-first Electronic Presentation Of Export Documents
YES Bank, India’s 4th largest private sector bank announced that it has completed a first-of-its-kind digital transaction with Welspun Global Brands Limited (WGBL) - a subsidiary of Welspun India Limited, in the form of e-Presentation, involving the end-to-end electronic presentation of export documents. WGBL has yearly export flows of ~USD 700 MM. With this transaction, YES BANK becomes 1st Indian Bank to facilitate Electronic Presentation of Export Documents.
The electronic documentation of International Trade e-presented through a digital platform built by UK-based 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, resulting in optimization of working capital.