PAPERLESS IMPORT OPEN ACCOUNT SOLUTION Open Account Importers, If you are aiming to effectively manage your import payments by receiving import documents directly from your overseas suppliers, go for Paperless Import Open Account Payment (IOAP) Solution by BNP Paribas. PRINCIPLE More and more corporates are adopting efficient and more direct methods to conduct their cross border trade, resulting in an increased use of Open Account as a way of trade. With the introduction of Import Data Processing and Monitoring (IDPMS) system and digitization drive across the country, BNP Paribas is offering a Paperless Import Open Account Payment solution which would improve the efficiency and turnaround time. BNP Paribas’ Paperless Import Open Account Payment solution would streamline your import payments by eliminating the need for submitting any physical documents and thereby reducing the risks related to classic paperwork administration. A TYPICAL DIRECT IMPORT/OPEN ACCOUNT TRADE – KEY STEPS Dispatch The exporter dispatches goods and sends shipping and financial documents to the Indian importer who would, on receipt of those documents, get the goods cleared. Storage Archive and track cleared documents until respective due date, taking into account the regulatory compliance with regards to payments. Payment Preparation of payment instructions to the bank along with regulatory forms like A1/A2, while ensuring that the necessary forex cover is efficiently managed. EXPORTER INDIAN IMPORTER BANK CLEARING HOUSE AGENT Dispatches goods, courier shipping and financial documents to Indian importer 1 3 2 Gives documents to CHA for clearing Clear Goods 4 Stores the documents until due date, prepares payment instructions and submits document to the bank
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PAPERLESS IMPORT OPEN ACCOUNT SOLUTION · 2018. 2. 5. · PAPERLESS IMPORT OPEN ACCOUNT SOLUTION Open Account Importers, If you are aiming to effectively manage your import payments
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PAPERLESS IMPORT OPEN ACCOUNT SOLUTION Open Account Importers, If you are aiming to effectively manage your import payments by receiving import documents directly from your overseas suppliers, go for Paperless Import Open Account Payment (IOAP) Solution by BNP Paribas.
PRINCIPLE More and more corporates are adopting efficient and more direct methods to conduct their cross border trade, resulting in an increased use of Open Account as a way of trade.
With the introduction of Import Data Processing and Monitoring (IDPMS) system and digitization drive across the country, BNP Paribas is offering a Paperless Import Open Account Payment solution which would improve the efficiency and turnaround time.
BNP Paribas’ Paperless Import Open Account Payment solution would streamline your import payments by eliminating the need for submitting any physical documents and thereby reducing the risks related to classic paperwork administration.
A TYPICAL DIRECT IMPORT/OPEN ACCOUNT TRADE – KEY STEPS Dispatch
The exporter dispatches goods and sends shipping and financial documents to the Indian importer who would, on receipt of those documents, get the goods cleared.
Storage Archive and track cleared documents until respective due date, taking into account the regulatory compliance with regards to payments.
Payment Preparation of payment instructions to the bank along with regulatory forms like A1/A2, while ensuring that the necessary forex cover is efficiently managed.
EXPORTER
INDIAN IMPORTER
BANK
CLEARING HOUSE AGENT
Dispatches goods, courier shipping and financial documents to Indian importer
1
3
2
Gives documents to CHA for clearing
Clear Goods
4 Stores the documents until due date, prepares payment instructions and submits document to the bank
Data validation by Back office Operations
BoE Details Updated in IDMPS & regulatory reporting
Transmitted through Manual Upload /
Secure File Transfer (H2H)
SAP
1 2 File
PROCESS
KEY ADVANTAGES Simplified payment process
Process is made to be very simple by allowing the customers to upload a simple excel file which contains all required information. The file format can be customized to suite your needs as long as all required information is available
No need to provide any supporting documents Once the file is uploaded on to our portal, there is no need to provide any supporting documents. BNP Paribas can process the payment based on the information that is submitted by the clients post the necessary validations.
Matrix Based Authorization Post uploading the file, the transaction can be authorized as per the board resolution
Improved Turn Around Time Processing time of import payments can be reduced as the operations team need not be review any physical documents there by improving the operational efficiency both on the clients as well as at the bank
Reporting Capabilities Our payment channel supports customized reporting capability which allows to configure the reports as per your requirements.