Kolkata: rivexa by mjunction Services Limited has introduced a seamless cross-border
trade payment solution to streamline global financial frameworks for Indian
exporters registered on the platform, leveraging the regulatory ecosystem
shaped by the International Financial Services Centres Authority (IFSCA). The
solution is designed to reduce settlement delays, enhance traceability, and
simplify compliance as part of rivexa’s broader effort to support exporters
engaged in cross-border trade.
The announcement was made during its flagship outreach event, ‘rivOlution 2025: Demystifying the World of Export and Finance’, here last week. The event
was organised in collaboration with the International Financial Services
Centres Authority (IFSCA), RXIL Global IFSC Limited (RXIL Global), and Glomopay
Private Limited, and attended by senior officials of all three partners along
with rivexa's exporter community.
Speaking
about the initiative, Vinaya Varma, Managing Director of mjunction Services
Limited, said “This initiative reflects our continued effort to simplify
the export journey for Indian manufacturers. By working within the IFSCA framework
and strengthening rivexa’s payment infrastructure, we aim to reduce friction in
cross-border transactions and enable MSMEs to operate with greater clarity and
confidence.”
The
IFSCA is a unified authority for the development and regulation of financial
products, financial services and financial institutions in the International
Financial Services Centres. RXIL Global is a cross-border receivables financing
platform that allows exporters to discount invoices and access international
liquidity. Glomopay is a fintech platform that facilitates payments,
specialising in compliant cross-border payment solutions and financial
infrastructure for business.
rivOlution 2025:
The conference
focused on how India’s regulatory and financial ecosystem is evolving to support
exporters, particularly through mechanisms available in the Gujarat
International Finance Tec-City (GIFT City). GIFT City is India’s international
financial hub designed to bring offshore financial activity like banking, trade
finance, and fintech onshore.
Speakers discussed how platforms such as the International Trade
Financing Services (ITFS) platform are widening access to global trade finance,
and how digital systems are enabling exporters to collect cross-border
receivables in a compliant and timely manner. ITFS is a digital platform in
GIFT City that enables exporters to access trade finance, invoice discounting,
and factoring from global financiers.
IFSCA’s representatives outlined recent measures introduced to expand
the global financing framework for Indian businesses, including the role of
IFSC Banking Units in facilitating foreign currency accounts, enabling
exporters to manage receipts, hedge exposures, and reduce the friction
associated with traditional settlement processes.
Attendees were also briefed on how fully digital platforms operating
under the ITFS framework have been supporting faster invoices financing, competitive
price discovery, and more predictable cash flow cycles for small and medium
exporters.
The event also marked the formal announcement of rivexa’s partnership
with Glomopay Private Limited, a licensed payment solutions provider that
facilitates multi-currency collection accounts and compliant cross-border
payment solutions for exporters.
A Clearer Path for Modernising Export Payment Management
This integration allows exporters using rivexa to receive export
proceeds in multiple foreign currencies, with the option to repatriate funds
into their authorised dealer (AD1) bank accounts in India.
Exporters gained access to standardised foreign bank charges, reduced
settlement delays, and enhanced visibility of every transaction, with Foreign
Inward Remittance Advice (FIRA) documentation generated automatically to
support regulatory compliance.
FIRA is an official document issued by banks that certifies receipt of
foreign exchange for export transactions. The collaboration is expected to help
manufacturers address long-standing challenges related to payment tracking,
reconciliation, and compliance when dealing with international buyers.