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YES Bank deal with Snapdeal, Blue Dart

YES Bank has finalized a partnership with Snapdeal and Blue Dart, a leading logistics and transportation company. The partnership will enable the bank to make strategic interventions in the financial supply chains of the two companies. According to a press statement by Snapdeal, the partnership is under YES Transact, YES Bank’s banking product suite, and it will enable Snapdeal to receive cash-on-delivery proceeds from Blue Dart, in a faster, streamlined manner, as well as help with faster payments to the online marketplace’s suppliers. According to a spokesperson of the bank, the cash on delivery model is very important in the Indian e-commerce industry, and the bank is certain that its YES Transact solution will bring in enhanced efficiencies offering significant value to the companies in managing their supply chain. The bank had earlier partnered with Snapdeal to implement industry’s first API banking services enabling Snapdeal to process customer refunds within an hour’s time. The deal will mean that the bank will act as a collection banker to Blue Dart for its cash handling. It will further integrate its technology with Snapdeal and Blue Dart’s platforms that will see payments go to Snapdeal accounts for faster processing for its sellers.

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