Payment APIs are shaping the future of money. While this has become more and more obvious in customer-facing sectors, it is also happening in the business-to-business (B2B) space. B2B Pay provides an API for international B2B payments.
Working capital is necessary for a business to be successful. Merchant exporters can sustain a positive cash flow by factoring accounts receivable in exchange for cash. When cash flows are negative, and liquidity is inadequate to meet financial obligations and funding growth for equipment or expansion, a business may close.
The Indian Financial System Code (IFSC) is the eleven character coding system that is assigned by the Reserve Bank of India (RBI), and used within India's Real Time Gross Settlement System (RTGS), Comprehensive Financial Management System (CFMS), and National Electronic Funds Transfer (NEFT). The code is a unique identifier of each participating bank branch in the NEFT system.
I am from India and started an import/export business. As I came to know that all banking transactions are governed/ controlled by RBI, does B2B Pay have a permission/approval/licence or any other facilitator to do banking transactions?
We comply will all international regulations. When B2B Pay enters a market we make sure that our business model and product works within the regulatory framework including currency conversion.
Export from India makes up a big part of the Indian economy.
Indian travel agencies
Indian travel agencies often face problems when handling payments. It's cumbersome for customers to make international payments and the currency exchange provided on international transactions are usually far from ideal.
Yes and no. Yes, you are welcome to sign up. But no we can't provide this service to all countries yet. However, if you sign up now you will be among the first in your country to have a B2B Pay account.
When an exporter issues their payment details, they include the banking details of their home bank. For example an exporter from the United States will include their local bank details from the US and an exporter in India will do likewise with their local bank details.
When it comes to international B2B payments, there are not many options. In almost all cases, the importing company will simply initiate a payment with their local bank, which will then send the money to the exporter's bank, possibly through some intermediary banks. Each bank makes money on the transaction. Consequently, the incurred fees are at least 3% and can at times even exceed 6%. For a transaction of 50,000€, this can mean fees between 1,500€ and 4,000€. This means there is a huge potential for savings! Considering that most profit margins are not very big for global companies in competitive markets, finding a solution is important.
There are nearly 200,000 banks in Europe! All of them have varied fee structures between 3% to 6%, and processing times for transactions. Through which bank will your customer in Europe pay you and how much does this end up costing you? When you receive a payment from your customer in Europe they will simply initiate a payment order with their bank. All banks claim there is only a fixed fee of between 5 and 50€. But there's a catch: The exchange rate used for the currency conversion. You end up losing hundreds of euros because of this.