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South Indian Bank has launched a new portal called ‘SIB TF Online’ for its corporate EXIM customers. The portal facilitates a platform for trade-related payments to foreign entities remotely. The customer can initiate the payment request over SIB TF Online after uploading the relevant supporting documents for the transaction.
SIB TF Online is yet another accomplishment by the bank to make its operations more tech-driven. It comes close on the heels of launching the internet banking facility targeting retail savings and NRE SB customers to initiate foreign remittances without visiting the branch.
The bank plans to launch SIB TF Online in phases, with the initial version allowing three types of import remittances such as advance remittance for Imports, remittance against import bill received from overseas bank for collection (Bank-to-Bank Foreign Inward Collection Bill) and payment against Import documents received by the importer directly from overseas suppliers.
In the subsequent phases, the portal would facilitate all other forex transactions as well. SIB TF Online has been hosted on the home page of Corporate Internet Banking (SIBerNet) and would allow corporates to transact 24x7, in a safe and paperless manner.
Thomas Joseph, Executive Vice President & Group Business Head of South Indian Bank said “we are developing the portal in various phases and the first phase will enable and accommodate import transactions. We plan to enable the portal to facilitate other forex transactions in future phases.”
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