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YES Bank has issued its first electronic-Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL).
The API integration with the Digital Document Execution (DDE) platform of NeSL has enabled complete digitisation of the existing paper-based process for issuance and maintenance of Bank Guarantee (BG). This includes digital stamping and signing, which significantly reduces the issuance turnaround time (TAT).
The NeSL portal will manage the entire lifecycle of the bank guarantee including issuance, amendment, invocation and cancellation, enabling trade finance stakeholders to access the documents from this secure repository, it said in a release.
“Given our market leadership in the digital payments space, YES Bank aims to be the leader in the trade finance digitisation domain as well,” Ajay Rajan, Country Head – Digital and Transaction Banking Group at YES Bank, said.
The integration with NeSL is in line with the bank’s other collaborations with public digital utilities like Central Bank Digital Currencies (CBDC), Open Network for Digital Commerce (ONDC), Account Aggregator (AA), and Government e-Marketplaces (GEM), to accelerate digitisation and enable ease of doing business for MSME and corporate customers.
An e-BG issued through NeSL’s 24X7 platform becomes instantly available and the beneficiary can access it on completion of a simple and one-time registration process.
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