The bank now digitally validates the e-Way Bill (i.e. proof of movement of goods) for the purpose of establishing the genuineness of underlying trade transactions. The adoption of this approach has enabled DBS to process transactions quicker without the need to obtain underlying physical documents
Mumbai:
DBS Domestic Trade Financing leverages Electronic Way (Eway) bill verification for digitalising and simplifying trade transactions – The bank has completed its first end-to-end digital Purchase Invoice Finance (PIF) transaction for Lincon Polymers Pvt. Ltd.
In the current environment, there is a need to drive digitised trade for Corporate customers to reduce processing turnaround time and drive businesses efficiently. In light of the latent need, DBS India has introduced a paperless proposition for the financing of domestic invoices by buyers and sellers.
The bank now digitally validates the e-Way Bill (i.e. proof of movement of goods) for the purpose of establishing the genuineness of underlying trade transactions. The adoption of this approach has enabled DBS to process transactions quicker without the need to obtain underlying physical documents.
The bank has also executed its first paperless domestic trade financing transaction with Lincon Polymers Pvt. Ltd., marking a significant milestone in the bank’s digital transformation journey.
With this solution, the bank will eliminate the need for cumbersome documentation, making the entire financing journey paperless and seamless. Customers can share details of their transactions through IDEAL (DBS’ digital banking platform that enables companies to initiate, monitor, and secure business transactions).
The data is then validated against the Government-enabled Eway bill portal via GSTN after receiving a one-time authentication from the customer. The bank has partnered with Rezofin, an online invoice financing platform for this process.