Bengaluru, May 29 (KNN) Payoneer, the digital payment platform empowering businesses around the world to grow globally has announced the launch of its digital Foreign Inward Remittance Certificate (FIRC) solution for e-commerce and service sector exporters.

In India, sellers and services exporters are required to furnish a FIRC. Customers need to provide paper applications to their banks for every transaction to seek an FIRC. Moreover, banks charge customers significant document fees to process FIRC requests.

With the launch of digital FIRCs, Payoneer customers get this document directly through email, without having to make any requests, at no additional cost.

Commenting on the launch of digital FIRC in India, Director and a leading e-commerce exporter, A. Jaald said “We need FIRCs so that our bankers validate our export transactions. Getting FIRCs took a lot of our resources. We had to fill in paper documents for every transaction and follow up several times with banks. Sometimes it took over six months to get FIRCs.”

Banks also charge documentation fees for every FIRC. Once Payoneer digitized FIRCs, FIRCs directly come to my inbox on the same day for all transactions, that too at no additional costs, he added.

Head of South Asia, Payoneer, Rohit Kulkarni, said, “Payoneer works closely with our banking partners to solve challenges faced by our customers. Sellers are not only able to get FIRCs in near real time, but also use this to claim GST refunds and various incentives offered by the government to exporters.”

This new digital FIRC service allows us to strengthen our commitment to make it as easy as possible for Small and Medium Businesses (SMBs) to expand globally, he added.

Payoneer’s fintech platform solutions enable international expansion for businesses of all sizes.