BRISKPE Secures RBI's In-Principle Authorisation to Operate as PA-CB for Exports and Imports
PRNewswire
Mumbai (Maharashtra) [India], March 19: BRISKPE, a Prosus-backed cross-border payments platform, has reached a major milestone by securing the Reserve Bank of India's (RBI) in-principle Payment Aggregator - Cross Border (PA-CB) authorisation. The authorisation enables BRISKPE to operate as a dedicated PA-CB for both exports and, crucially, imports under the Payment and Settlement Systems Act, 2007. 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. This milestone paves the way for faster, safer, and more cost-effective global transactions for Indian businesses.
With this approval, BRISKPE is now equipped to provide seamless solutions for businesses struggling with inefficient international payment systems. 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," said Sanjay Tripathy, CEO of BRISKPE, adding, "We are committed to simplifying and securing cross-border transactions, and this authorisation validates our dedication to regulatory compliance and innovation. By enabling seamless import and export payments, we are unlocking new growth opportunities for Indian enterprises."
Secure, Compliant, and Seamless Global Transactions
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. BRISKPE's adherence to stringent regulatory requirements, including registration with the Financial Intelligence Unit-India (FIU-IND) and meeting the stipulated net worth criteria, underscores its commitment to maintaining the highest standards of operational integrity. BRISKPE will operate Import Collection Accounts (ICA) and Export Collection Accounts (ECA) with AD Category-I banks, facilitating regulated fund management. This ensures that import and export payments are processed through secure escrow accounts, enhancing transaction security and compliance.
Addressing Key Challenges for Exporters and Importers
Beyond facilitating secure transactions, BRISKPE is dedicated to rigorous KYC norms, merchant due diligence, and real-time transaction monitoring, safeguarding India's expanding digital trade ecosystem. Through partnerships with leading banks and financial institutions, BRISKPE offers a comprehensive suite of services that simplify every stage of international transactions, including remittance processing, digital onboarding, and E-FIRA & E-BRC certification.
For Indian exporters, the benefits extend beyond just cost savings. The ability to receive payments faster, with complete compliance, ensures enhanced cash flows and greater financial stability. Indian importers, on the other hand, can use BRISKPE's reliable and transparent platform to make timely payments to international suppliers, reducing the risk of delays and ensuring smooth supply chain operations.
With the RBI's in-principle PA-CB authorisation, BRISKPE is set to redefine the landscape of cross-border payments. By eliminating inefficiencies, ensuring compliance, and reducing transaction costs, BRISKPE empowers Indian businesses to thrive in the global marketplace. "As global digital trade grows, seamless and secure international payments are no longer optional--they're essential. We are empowering MSME exporters and importers with faster, transparent, and cost-effective payments. By streamlining transactions, we're not just moving money--we're unlocking global opportunities for Indian businesses," adds Tripathy.
About BRISKPE
BRISKPE is transforming cross-border payments for MSME exporters, and importers, making global transactions faster, more cost-effective, and seamless. Launched in 2023, BRISKPE leverages cutting-edge technology to provide real-time tracking, local virtual accounts, competitive forex rates, and bank-grade compliance. With a strong focus on efficiency and transparency, BRISKPE simplifies inward and outward remittances, helping businesses reduce costs, improve cash flow, and navigate global payments with ease. Whether you're receiving payments from international clients or paying overseas suppliers, BRISKPE ensures a hassle-free, secure, and scalable payment experience.
Media Contact:
Sayoni Sinha
Sayoni.sinha@briskpe.com
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