mjunction unveils IFSCA-backed payment tool to ease global trade for exporters

A new cross-border payment solution to ease global transactions for Indian exporters was launched on Thursday by mjunction services ltd, a 50:50 joint venture between SAIL and Tata Steel.

Built within the regulatory framework of the International Financial Services Centres Authority (IFSCA), the solution is designed to reduce settlement delays, improve traceability and simplify compliance, the company said in a statement.

The facility is aimed at enterprises registered on ‘rivexa’, mjunction’s B2B cross-border trade platform that supports small and medium suppliers in accessing international markets.

According to the company, the new service enables exporters to receive payments in multiple foreign currencies and repatriate funds into their authorised dealer bank accounts in India. It also standardises foreign bank charges, enhances transaction visibility and helps reduce settlement delays.

rivexa said it has partnered with Glomopay, a licensed payment solutions provider that offers multi-currency collection accounts and compliant cross-border payments for exporters.

The collaboration integrates IFSCA’s regulatory ecosystem, RXIL Global’s receivables financing platform and Glomopay’s cross-border payment infrastructure to help manufacturers address challenges in tracking, reconciliation and documentation, the statement added.