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YES Bank launches robotics-based trade solution

YES Bank has launched a new robotics based digital export and import payments solution as a part of its comprehensive YES TRANSACT Smart Trade product suite. The solution will help importers and exporters improve their operational efficiencies and fast-track payments. YES Bank said this is for the first time that a bank has introduced a solution based on robotics process automation which will help in eliminating the requirement of documents submission for import and export payments. It also has inherent features and checks built in to ensure risk management and security. Over 2000 corporates are likely to benefit from the solution. In the first phase of its implementation, the bank plans to offer the solution to select corporates in India and is expected to bring down turnaround time of payments by 80%. The initiative aims to bring over one lakh trade transactions going entirely digital, across major geographies including China, US, Singapore, Germany and Hong Kong, YES Bank said. Rana Kapoor, MD & CEO of the bank said with the introduction of YES TRANSACT Smart Trade, the bank’s corporate clients can now submit payment instructions online, anytime without having to worry about paperwork or documentation. The initiative is another milestone in our continuous endeavor towards digitizing financial supply chain, he added.

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