mjunction launches cross-border payment solution for Indian exporters

Kolkata, Nov 25 (PTI) A cross-border payment solution to ease global transactions for Indian exporters has been launched by mjunction services ltd, a 50:50 joint venture between SAIL and Tata Steel.

Built within the regulatory framework of the International Financial Services Centres Authority (IFSCA), the solution is designed to cut settlement delays, improve traceability and simplify compliance, the company said in a statement.

The solution targets enterprises registered on ‘rivexa’ – mjunction’s B2B cross-border trade platform, which aims to support small and medium suppliers in accessing global markets.

The new facility allows exporters to receive payments in multiple foreign currencies and repatriate funds into their authorised dealer bank accounts in India. It also standardises foreign bank charges, enhances transaction visibility and reduces settlement delays, the statement said.

rivexa said it has partnered with Glomopay, a licensed payment solutions provider that facilitates multi-currency collection accounts and compliant cross-border payments for exporters.

The collaboration brings together IFSCA’s regulatory ecosystem, RXIL Global’s receivables financing platform and Glomopay’s cross-border payment infrastructure, helping manufacturers address longstanding challenges in tracking, reconciliation and documentation, it added. PTI BSM RBT