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Transact Anywhere, Anytime, With ICICI Bank’s Trade Online Platform

With an intelligent User Interface and robust security, the unique Trade Online platform also enables corporates to submit Trade Finance transaction requests.

ICICI Bank’s Trade Online Platform

With the pandemic easing, cross-border trade has registered an increase of 21 percent over pre-pandemic levels. While uncertainty still prevails for cross-border trade in India due to the impact of the Russia-Ukraine conflict, there exists an opportunity in sight to re-assess the traditional trade practices – especially on payment mechanisms.

In view of this opportunity, ICICI Bank recently organised a webinar on ‘Digital Banking Solutions for Import-Export Business’ wherein the key highlight was how ICICI Bank’s Trade Online platform offers a holistic solution for both importers and exporters to undertake cross-border and domestic trade transactions.

The session covered regulatory guidelines for exporters, online settlements of inward remittances, generation of e-BRC, online initiation of outward remittances, and export bill regularisation – all of which was made possible with a hassle-free experience, through ICICI Bank’s Trade Online platform. The role of regulatory bodies such as DGFT, RBI, Customs and the International Chamber of Commerce was also covered.

Exporters face several challenges during the export bill regularisation, which include repeated visits to the bank, firms getting caution listed for non-regularisation of their bills, among others. The Trade Online portal of the ICICI Bank emerges as a solution to these time-consuming and complex challenges by simplifying the bill regularisation process through online matching of remittances and shipping bills leveraging data available in the EDPMS portal.

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With an intelligent User Interface and robust security, the unique Trade Online platform also enables corporates to submit Trade Finance transaction requests like Bank Guarantee Issuance and Amendment, Letters of Credit issuance and Amendment of Outward Remittances, availing pre-shipment credit, regularising bill of entries and initiating import and service payments. Customers also have the facility of scheduling future payments and tracking the remittance status to the beneficiary through SWIFT GPI.

The module works through the Corporate Internet Banking (CIB) platform, where clients can log in through the website with their Corporate ID and User ID to initiate trade requests, which will directly flow into the bank system without any manual intervention. There is no extra setup cost as it comes as an add-on to the Corporate Internet Banking service and can be accessed through the same platform. Bank’s foreign exchange service, which allows clients to seamlessly book rates, is also integrated within the remittances module of Trade Online. This feature makes the platform comprehensive for initiating remittance or completing settlements, giving SMEs and corporates an end-to-end holistic remittance solution.

The platform offers unmatched convenience, with no branch visits, templatisation of repetitive transactions, quicker turnaround time, paperless transactions and an audit trail of documents. While creating a digital portal for customers at the front end with Trade Online, ICICI Bank has taken care to back it up with investment in infrastructure and operations. The platform is highly secure, with robust authentication processes, encrypted sessions, 24/7 security monitoring and a centralised incident management team which ensures 360-degree monitoring of application security. With added features such as transaction templates, online submission of documents, tracking of transaction status, and maker-checker authorisation, Trade Online can easily adapt to their respective business structures.

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Another unique feature offered by the Bank is its One View Dashboard, where all transactions related to export, import and inland trade are consolidated in a single view for the customer. This includes:

Know more here

First published on: 10-06-2022 at 15:35 IST
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