Doing business internationally can be tricky for Indian companies because of complex rules, delays, and high costs when sending or receiving money across borders. To fix this, the Reserve Bank of India (RBI) created new rules in October 2023 for Payment Aggregators – Cross Border (PA-CBs). These rules make international payments smoother, safer, and cheaper.

BRISKPE, has just received a special “in-principle” license from the RBI. This is a big deal because it means BRISKPE is now officially allowed to handle cross-border payments for both exports and imports.

This makes BRISKPE one of the first platforms to specifically handle both sides of international payments under these new, stricter RBI rules.

What does this mean for your Indian business?

• Easier Transactions: BRISKPE can now provide complete solutions to help your business with global payments, cutting down on current problems.
• More Secure and Transparent: The RBI’s new rules, and BRISKPE’s commitment to them, mean your international transactions will be more secure and transparent. BRISKPE has to follow strict rules like registering with India’s financial intelligence unit, having enough money, and using special regulated bank accounts for import and export payments. They also do strong checks on users and continuously monitor transactions.
• Faster Payments, Better Cash Flow: For exporters, you’ll get paid faster, which helps your cash flow. For importers, you can pay your international suppliers on time, avoiding delays and extra costs.
• Lower Costs: BRISKPE aims to reduce the costs associated with international payments.

RBI’s PA-CB Framework

The RBI’s PA-CB model, launched in October 2023, is a strategic step towards directly regulating agents that facilitate online cross-border transactions. The model would enhance the security and transparency of these crucial transactions, allowing only strong and compliant agents to function within this important financial environment.

BRISKPE’s approval is noteworthy specifically because it covers both export and import payments, offering you an all-encompassing solution under this new, more stringent regulatory framework. This shows that BRISKPE is forward-thinking and dedicated to upholding the high standards of the RBI.

BRISKPE’s Milestone: Unlocking New Growth for Your Indian Business

Under this authority, BRISKPE is now ready to provide you with end-to-end solutions for tackling inefficiencies in global payment systems. The platform currently handles about 10,000 transactions a month for its export-focused services. Adding import capabilities, BRISKPE is expecting a noteworthy jump to 1 lakh transactions a month by the end of the following financial year.

“Accepting the RBI’s in-principle PA-CB authorization, particularly for both imports and exports, is a watershed moment for BRISKPE and Indian businesses trading globally,” said Sanjay Tripathy, CEO of BRISKPE. “We believe in making cross-border transactions simpler and safer, and this authorization proves our commitment to compliance and innovation. By making it easier for import and export payments, we are opening up new growth prospects for Indian business.”

Ensuring Security, Compliance, and Uninterrupted Global Transactions

The RBI’s PA-CB framework mandates rigid compliance with regulatory standards. BRISKPE has strived hard to achieve these stringent standards, which include:

• Registration with FIU-IND (Financial Intelligence Unit-India): This ensures strong reporting and monitoring for financial integrity as well as anti-money laundering operations.
• Satisfying Stipulated Net Worth Parameters: Showing financial stability and operational competence.
• Operating Regulated Accounts: BRISKPE will operate Import Collection Accounts (ICA) and Export Collection Accounts (ECA) with AD Category-I banks. This ensures that both import payments and export payments are handled via safe escrow accounts, greatly improving transaction safety as well as compliance.

Apart from these core mandates, BRISKPE is committed to

• Stringent KYC (Know Your Customer) Standards: complete verification of all users.
• Merchant Due Diligence: Extensive checks on businesses using the platform.
• Real-time Transaction Monitoring: Ongoing monitoring of payment streams to secure India’s growing digital trade environment.

By strategic alliances with top banks and financial players, BRISKPE provides you with a one-stop suite of end-to-end services that simplify each step of international remittances. This includes seamless remittance processing, digital onboarding, and the issuance of essential E-FIRA (Foreign Inward Remittance Advice) & E-BRC (Electronic Bank Realization Certificate) certifications that are essential for regulatory purposes as well as accessing trade benefits.

Solving Key Challenges Facing Your Indian Import and Export Business

BRISKPE’s newly certified operations will bring your Indian business important benefits:

• For Exporters: The advantages are not just about saving costs. Faster receipt of payments, along with full compliance, guarantees improved cash flows and financial stability. This enables you to reinvest and exploit new market opportunities more efficiently.
• For Importers: You are now in a position to utilize BRISKPE’s secure and transparent platform to make prompt payments to international suppliers. This directly cuts back on the risk of delayed payments, which otherwise causes supply chain disruptions and creates unexpected expenses.

About BRISKPE: Transforming Cross-Border Payments

Founded in 2023, BRISKPE is committed to revolutionizing cross-border payments for MSME importers and exporters in order to make your international transactions faster, cheaper, and hassle-free. 

With an intense focus on transparency and efficiency, BRISKPE makes your inward as well as outward remittances easier. This makes it easier for your company to lower operational expenses, manage cash flows better, and find global payments more convenient. Whether collecting payments from overseas clients or making payments to international suppliers, BRISKPE aims to provide you with a trouble-free, secure, and scalable payment experience.

The Future of Global Payments in India

With RBI’s in-principle PA-CB authorization, BRISKPE will be at the forefront of redefining India’s cross-border payment landscape. By eliminating inefficiencies, facilitating strong compliance, and actively minimizing transaction costs, BRISKPE is well-poised to enable your Indian business to succeed in the complex but opportunity-filled international marketplace. This initiative is a major step forward for India’s digital trade ecosystem, heralding a smoother, safer, and ultimately richer future for your international trade.

To learn how BRISKPE can streamline your international payment operations and improve your global trade capabilities, go to briskpe.com today.