I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First. ...Full Bio
I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First.
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YES BANK Taps Robotics For Export-Import Digitization
It has been announced that Yes Bank is integrating robotics process automation to facilitate document data sharing in their import and export services
The bank announced that it has launched a Digital Export and Import Payments solution, which is an addition to its existing Yes Transact Smart Trade suite of services in order to support exporters or importers in their global trade operations and payments. It will be having a focus on document management and transmission and this tool will deploy robotics process automation in order to enable companies to submit payment instructions digitally rather than having to file any physical paperwork.
Yes bank feels that the tool could help reduce turnaround time by almost 80%.
Rana Kapoor, managing director and CEO of Yes bank said that Yes bank has been a pioneer in introducing new innovations and has brought about efficiency using blockchain, robotics, AI and Machine learning.
The tool which is also referred to as Direct Import Payment solution by Yes bank supports the sharing of transactional data between financial service providers and traders.
Yes bank also said that it will be deploying APIs and additional robotics-based solutions in order to enhance the seamless transactions. The bank is simultaneously targeting trade deals that involve US, China, Germany, Singapore and Hong Kong among others.
Also in yet another addition to their corporate banking services, Yes bank launched its very own accelerator program last year, which saw several startups in B2B Fintech space address a range of services that included cash flow management and also blockchain powered global payments.
Similarly, other financial service providers have targeted the friction that is linked to documentation in global trade. Last year, HSBC revealed their partnership with Tradeshift to digitize supply chain processes which included paper documents and invoices.