ICICI Bank has announced that it has revamped its ‘Trade Online’ platform, for export/import transactions by introducing an array of new digital services on it, majority of which are unique in the industry. ‘Trade Online’ has been transformed into a compelling digital banking platform that enables large, medium and small sized corporates as well as MSMEs to undertake almost all their export-import transactions online, eliminating the requirement of physical documentation. It brings in significant convenience for customers as they are no longer required to visit a bank branch to initiate a trade transaction. They can now do so from anywhere, anytime in a secure manner.
The list of services that can be initiated and executed digitally on ‘Trade Online’ include issuance of letters of credit(LC) and bank guarantees, export/import collection bills, disbursement of export credit, payments against imports among others. It also includes specialised solutions like ‘e-Softex’ for the software industry and e-LC facility for large exporters among others. Additionally, it is the first digital banking platform to offer quick and convenient credit of inward remittance within minutes to the ICICI Bank current account of the recipient
Further, Trade Online is now integrated with the regulatory Import Data Processing & Monitoring System (IDPMS) and Export Data processing & Monitoring System (EDPMS). This integration offers exporters/importers the convenience to regularise their Bills of Entry digitally by matching payments made against outstanding entries on EDPMS/IDPMS.
Said, Ajay Gupta, Head – Commercial Banking Group, ICICI Bank, “At ICICI Bank, we believe in investing in innovative technology to offer a world class, industry leading and cutting edge experience to our valued customers. The all-new ‘Trade Online’ is a result of long and extensive research into the digitisation requirements of trade transactions. We believe that it is the most comprehensive digital platform available among banks today that allows corporates and entrepreneurs to undertake almost all trade related transactions digitally. It also brings in unprecedented convenience eliminating branch visits for import/export transactions, remittances, cross border bills, LCs, bank guarantees We believe that this facility will give a boost to customers in the export/import business as a whole and further enhance ease of business on the global stage”.
