Breaking Barriers: A New Era in Cross-Border Payments for Indian Exporters

Mjunction Services Ltd, a SAIL and Tata Steel joint venture, has launched a cross-border payment solution for Indian exporters. Within the IFSCA framework, it aims to reduce delays and improve transaction visibility. Partnering with Glomopay, it benefits SMEs on the 'rivexa' platform in global markets.

Mjunction Services Ltd, a collaboration between SAIL and Tata Steel, has unveiled a cross-border payment solution aimed at streamlining global transactions for Indian exporters. The new initiative aligns with the International Financial Services Centres Authority (IFSCA) regulatory framework, intending to cut down settlement delays, enhance traceability, and simplify compliance requirements, according to a company statement.

This innovative solution particularly targets enterprises registered on 'rivexa', mjunction's B2B platform designed to boost small and medium suppliers' access to international markets. The facility enables exporters to receive payments in various foreign currencies and repatriate funds into their authorised dealer bank accounts in India, thus standardizing foreign bank charges and improving transaction transparency.

In collaboration with Glomopay, a licensed payment provider, the venture combines IFSCA's regulatory advantages, RXIL Global's financing platform, and Glomopay's cross-border payment infrastructure. This synergy aims to tackle long-standing challenges faced by manufacturers in tracking, reconciliation, and documentation processes.

(With inputs from agencies.)