ICICI Bank rolls out digital solutions on single platform for exporters

ICICI Bank said that it has launched digital solutions, a set of banking and value-added services on a single platform for exporters.

According to the Indian banking company, the suite of solutions is designed to digitize the complete export life-cycle, right from discovery of export markets, finance of exports, foreign exchange services to receipt of incentives on exports.

ICICI Bank claimed that the initiative is intended to streamline the journey of exporters by easing the congestion caused by present time-intensive manual procedures, thereby enhancing the operational efficiency of exporters significantly.

The set of solutions also provides facilities like instant disbursal of Export Packing Credit (Insta EPC) and Trade APIs, said ICICI Bank.

ICICI Bank rolls out digital solutions on single platform for exporters. Photo courtesy of Rakesh from Bangalore/Wikimedia Commonns.

The bank said that Insta EPC offers instant export finance, while Trade APIs facilitate seamless direct handling of export transactions from the ERP systems of exporters to offer increased convenience.

Sumit Sanghai — ICICI Bank Large Clients Group head said: “Over the years, exports have been an integral part of India‘s growth. India’s overall exports in FY 2022 grew by 36% to over USD 670 billion from a year-ago period. It is estimated to touch USD 2 trillion by 2030.

“ICICI Bank intends to support the growth of exporters with an all-encompassing suite of digital solutions. The set of solutions enables large, medium and emerging companies to undertake their export transactions online, anywhere and anytime.

“We believe that this initiative will bring in unmatched efficiency in the entire export lifecycle across industries and act as catalyst in their business growth.”