Cashfree Payments, Global Trade Plaza partners to lift cross-border payment

Cashfree Payments, a firm specialising in API banking solutions, announced on Monday its collaboration with Global Trade Plaza, a global B2B marketplace, to simplify cross-border payments for Indian exporters. The partnership aims to facilitate international trade promotion by allowing Indian exporters to collect payments in over 15 foreign currencies. Funds received will be converted into Indian Rupees and transferred to local Indian bank accounts within 48 hours.

Exporters will also receive auto-generated foreign inward remittances advice (e-FIRA), the company stated.

Reeju Datta, co-founder of Cashfree Payments, said, "We have been at the forefront of building cross-border solutions. Partnerships like this further our objective of supporting Indian businesses in their global growth."

Cashfree Payments' Global Collections solution will enable exporters to share their account details with international clients via email, SMS or WhatsApp. Buyers can then make payments using local systems like Automated Clearing House (ACH) and Single Euro Payments Area (SEPA).

Pulkit Dwivedi, co-founder of Global Trade Plaza, noted, "As an official partner of Société Générale de Surveillance (SGS), we are committed to supporting Indian businesses in secure international trade and global expansion."

Cashfree Payments recently rebranded its subsidiary Zecpe, which it acquired in February, to Ecom360. The subsidiary focuses on addressing the end-to-end growth challenges of direct-to-consumer businesses.

The company claims to hold over 50 per cent market share among payment processors and processes transactions worth $40 billion annually. Cashfree Payments has received backing from investors like Y Combinator, Apis Partners, and State Bank of India, and was incubated by PayPal.