Top Banner
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
2

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

Aug 18, 2020

Download

Documents

dariahiddleston
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Page 1: 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

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

Page 2: 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

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.

The information contained in this document is correct as at the date of printing. It is distributed for information purposes only, it does not constitute a prospectus and is not and should not be construed as an offer document or an offer or solicitation to buy or sell any product or solution, to subscribe any service or to enter into any transaction described in that document. This document does not and is not intended to constitute any investment or financial advice, and nothing contained herein shall be construed as an inducement or recommendation of any form whatsoever. Recipient should contain independent legal, financial and other professional advice as regards its decision to buy or sell any product or solution, to subscribe any service or to enter into any transaction described herein. BNP Paribas will not be responsible for the consequences of any use of or reliance upon any information contained herein or for any omission or error. All product and services will be offered as per the extant of regulatory framework and processes of the Bank. This document is distributed to selected recipients only. It may not be reproduced or disclosed (in whole or in part) to any other person nor be quoted or referred to in any document without the prior written permission of BNP Paribas.© 2018 BNP Paribas. All rights reserved.

You upload and authorize the import payment in

our front end

BNP Paribas would pick up the transaction and

compare the details against IDPMS data

Vigilance screening of Provided details

Processing of ‘clean’ transaction

IMPORT OPEN ACCOUNT PAYMENT SOLUTION