Deutsche Bank unveils first paperless import payment solution in India
TradePay uses the Reserve Bank of India’s Import Data Processing and Monitoring System
Deutsche Bank has launched the “first” paperless import payment solution in India with its TradePay system.
TradePay uses the Reserve Bank of India’s (RBI) Import Data Processing and Monitoring System (IDPMS) to verify import payments by checking them against details made available by the client on the system, “eliminating the need for clients to share any physical documentation”. The data is then “enriched” by the client to meet regulatory requirements, validated by Deutsche Bank and converted into a payment-ready state.
Thereafter, clients can book FX contracts electronically through TradePay. The authorisation can be done directly on TradePay or via the importer’s ERP system.
Anjali Mohanty, head of global transaction banking – India at Deutsche Bank, says: “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.”
