BRISKPE gets RBI in-principle authorisation for cross-border payments

Mumbai, Mar 12 (PTI) Global investment firm Prosus-backed BRISKPE on Wednesday said it has received the RBI's in-principle authorisation to operate as a payment aggregator for cross-border (PA-CB) transactions.

The authorisation enables BRISKPE to operate as a dedicated PA-CB for both exports and imports under the Payment and Settlement Systems Act, 2007, BRISKPE CEO Sanjay Tripathy, said.

As one of the first platforms to solely focus exclusively on cross-border payments, BRISKPE aligns with the RBI’s updated regulatory framework introduced in October 2023, the company said. “With this approval, BRISKPE is equipped to provide seamless solutions for businesses struggling with inefficient international payment systems,” it added.

The platform currently processes 10,000 transactions in a month for its export-oriented services and with imports coming in, it expects it to go up to 1 lakh transactions by end of next financial year.

“Receiving the RBI’s in-principle PA-CB authorisation, especially encompassing both exports and imports, is a transformative moment for BRISKPE and Indian businesses engaged in global trade,” Tripathy said. The RBI’s PA-CB framework is designed to fortify the security and transparency of cross-border transactions, ensuring that only robust and compliant entities operate within this critical space. PTI HG MR