India-based ICICI Bank has rolled out digital solutions comprising of a set of banking and value-added services on a single platform, looking to digitise the export lifecycle. With this initiative, the company is looking to simplify the journey of exporters by having time-intensive manual procedure decongested to improve the operational efficiency.

As per press release information, the suite of solutions is set to digitise the export lifecycle in its entirety, ranging from the discovery of export markets, export finance, and foreign exchange services to receipt of export incentives. When talking on the initiative, ICICI Bank officials advised that exports represent an integral part of the country’s growth, with overall exports in FY 2022 having increased by 36% to more than USD 670 billion in a year’s span and expected to reach USD 2 trillion by 2030. Having this knowledge at its core, the enterprise aims to support the growth of exporters by providing an all-encompassing digital solutions’ suite.

Details on the ICICI Bank digital solutions suite for exporters As per details offered in the company’s announcement, ICICI Bank’s set of solutions is looking to enable large, medium, and emerging companies to have their export transactions undertaken online, no matter the time and place. The initiative is believed to bring increased efficiency throughout the entire export lifecycle across industries and act as a catalyst in their scalability. The digital solutions suite includes the following key services and offerings: Insta EPC: exporters that collaborate with the Bank will receive instant and digital access to Export Packing Credit (EPC), which enables instant disbursal of credit in a matter of minutes, as opposed to the industry practice of a few working days.

The facility can be used through Trade Online, the Bank’s digital platform for export-import transactions. Trade accounts: the solution provides foreign currency accounts such as Exchange Earners’ Foreign Currency Account (EEFC), a Current Account that enables exporters to hold their foreign currency earnings in the account without having them converted into the local currency, enabling exporters to have their FX transaction cost reduced. Furthermore, it offers specialised Current Account of the likes of One Globe Trade Account (OGTA) for export and import related transactions.

Paperless exports solutions: the Bank’s digital solutions such as e-Softex (targeting IT/ITeS exporters) and e-DOCs help simplify exporters’ journey by providing digital filing of documents, settlement, and reconciliation of export invoices, thus reducing transactions’ turn-around time, and enabling exporters to claim their export incentives in an expedited manner. Foreign exchange solution: exporters have the option of booking FX deals via phone or online through digital platforms to receive flexibility and transparency in booking rates. Digital Letter of Credit facility (e-LC): the facility acts as a digital repository and, in addition, makes LC available for trade terms’ verification.

Electronic Bills of Lading (e-BL): having partnered with e-BL service providers, the Bank facilitates end-to-end digital movement of trade documents globally, thus resulting in efficient working capital management, with the turnaround time reduced to a couple of days. Value added services: exporters can avail value-added services from Trade Emerge, the Bank’s one-stop platform for digital banking services, facilitating an end-to-end journey from business incorporation, regulatory guidelines, partner discovery, logistics, and cargo tracking. Trade APIs: the bank offers this solution for export bills handling, with the range of APIs including remittances, letters of credit, and bank guarantees.

By leveraging APIs, exporters are enabled to initiate transactions with the Bank directly via their ERPs. .