From SWIFT to swift: Why Indian exporters are trading legacy banks for high-speed fintech rails
This is critical for XFlow customers such as Drip Capital, a short-term working capital provider to Indian exporters, which clocks around $1.5 billion in annual trade transactions. “Banks’ processes led to delays in our customers getting (inward) remittances,” notes Tej Mulgaonkar, head of product and technology, Drip Capital. With a PA-CB, the real difference is in the pricing, he adds. “If exporters ask banks what spread they will get on inward foreign-currency credit, they will quote a spread on a spot rate, but add a certain amount to the mid-market rate, for which there is no explanation,” Mulgaonkar says.
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